17th Oct 2011 07:00
Medco Health Solutions To Buy Out Joint Venture Partner United Drug in UK Homecare Business
Dublin and London - 17 October 2011: Medco Health Solutions, Inc. (NYSE: MHS) and United Drug plc ("United Drug") today announced that Medco Health Solutions has agreed to purchase the entire 50 percent shareholding in their UK homecare joint venture held by United Drug.
"We have enjoyed an excellent partnership with Medco over the last two years and the business has generated significant momentum. United Drug intends to continue to work with Medco Health Solutions as a partner providing clinical and logistics services in the UK" said Liam FitzGerald, Chief Executive of United Drug.
Launched in 2009, the United Drug partnership with Medco Health Solutions focused on the pharmacy homecare market in the UK, providing a high level of service to patients with chronic and complex conditions and supporting the National Health Service (NHS) initiatives around quality and cost. United Drug will continue to support the business with clinical expertise and logistics capabilities. The transition is expected to begin immediately and be completed in November. Financial terms of the agreement were not disclosed.
"In the two years we have worked with United Drug, we have confirmed the need and potential to drive specialty pharmacy homecare as a means to improve patient experience and outcomes, while relieving the NHS of a significant financial burden" said John Driscoll, President, New Markets, Medco Health Solutions. "United Drug has been an important partner to us and we look forward to their continued support as we build out our pharmacy homecare business."
Medco Health Solutions (UK), which will be integrated into Medco International headquartered in Amsterdam, will continue to offer the NHS a comprehensive suite of services, ranging from prescription drug dispensing and home delivery, to home nursing support for the administration of oral, inject able and infused agents.
"We are enthusiastic about the UK pharmacy homecare market," said Brian Griffin, President of Medco International. "We look forward to bringing the full suite of Medco services to patients and the NHS."
United Drug continues to provide services that allow healthcare manufacturers to commercialise their products in international markets more effectively.
ENDS
For reference:
Liam FitzGerald Pauline McAlester
Barry McGrane
United Drug plc Murray Consultants
Tel: +353-1-4632300 Tel: +353-1-4980300
Lowell Weiner, Medco Health Solutions, Inc. +1 (201) 269-6986
Ann Smith, Medco Health Solutions, Inc. +1 (201) 269-5984
About Medco
Medco Health Solutions, Inc. (NYSE: MHS) is pioneering the world's most advanced pharmacy® and its clinical research and innovations are part of Medco making medicine smarter™ for more than 65 million members. With more than 20,000 employees worldwide dedicated to improving patient health and reducing costs for a wide range of public and private sector clients, and 2010 revenue of $66 billion, Medco ranks 34th on the 2011 Fortune 500 list and is named among the world's most innovative, most admired and most trustworthy companies.
About United Drug plc
Listed on the Stock Exchanges in London and Dublin, United Drug is a leading international provider of services to healthcare manufacturers and pharmaceutical retailers, with operations in the UK, Ireland, The Netherlands, Belgium, Sweden and the USA.
The Company operates across three divisions, Sales, Marketing & Medical, Healthcare Supply Chain, and Packaging & Speciality Services.
In the Sales, Marketing & Medical division United Drug is the leading provider of contract sales outsourcing services to pharmaceutical manufacturers in the UK and Ireland and has a growing presence in the US market. United Drug also provides related marketing services to pharmaceutical manufacturers in each of these markets.
In Healthcare Supply Chain, United Drug is the largest pharmaceutical wholesaler in the island of Ireland. It is also the market leader in contract distribution outsourcing (pre-wholesaling) in Ireland and has achieved the No. 1 position in the UK through its joint venture business UniDrug Distribution Group (UDG). The Company provides specials medicines manufacturing and distribution services in the UK. Through its medical & scientific operations, United Drug provides sales & marketing and technical service solutions, including contract distribution services to a wide range of medical & scientific equipment & consumable manufacturers, with a market leading position in Ireland and an emerging presence in the UK.
In the Packaging & Speciality division United Drug is a leading international provider of pharmaceutical contract packaging services with facilities in the US, UK, Dutch and Belgian markets. The Company also provides speciality distribution and homecare services in the UK and Ireland.
For more information go to www.united-drug.ie
Related Shares:
UDG.L