Brian T. Griffin of Medco has been appointed Chief Executive Officer of the joint venture; Thorsten Beer of Celesio was named Chief Financial Officer. In addition to being appointed CEO of the joint venture, Griffin will assume the title of President, International for Medco. Griffin will relocate to the Medco Celesio B.V. headquarters later this year. Medco will name a successor for Griffin's former post as group president of Health Plans in the coming weeks.
Griffin, 51, has served at Medco for 23 years, most recently as group president of Health Plans, which manages pharmacy benefits for many of America's largest health insurance companies. Beer, 39, is a senior executive in Finance at Celesio, most recently responsible for overseeing the company's pharmacy business across several European countries. The companies said additional executive appointments are forthcoming.
"The challenges faced by payors across Europe, ranging from the private sick funds in Germany to the public National Health Service in the U.K., are urgent, and they can, and must, be addressed," said Griffin. "Innovative technologies and techniques that both elevate the quality of care and mitigate the costs in the United States can be woven with the unique dynamics and cultural sensitivities of the European environment to deliver improved care for chronically ill patients."
Beer added, "Combining both companies' unique skills will enable the joint venture to deliver clinical solutions tailored to the individual needs of our customers."
David B. Snow Jr., Medco Chairman and CEO, notes that Griffin's leadership and management experience makes him well-positioned at Medco Celesio B.V. "With more than 30 years in healthcare, and a deep understanding of the range of complex issues facing the community that pays the bills, Brian will serve as a knowledgeable resource, to advance healthcare internationally," Snow said.
Dr Fritz Oesterle, Chairman of the Management Board of Celesio AG, describes Beer as a manager with outstanding international experience: "As a longtime financial expert and with his in-depth knowledge of European healthcare markets Beer will contribute to move the company decisively forward as a leading solution provider and an important partner for payors and patients."
Medco Celesio B.V., designed as a 50/50 joint venture that was announced in June, combines Medco's and Celesio's strengths in leveraging advanced pharmacy to elevate the quality of clinical care and to lower overall healthcare costs. Medco Celesio B.V. will focus primarily on patients with chronic or complex conditions, such as diabetes, asthma, high-cholesterol and heart disease. It will deliver innovative, integrated clinical services designed to improve patient adherence – meaning following doctors orders, coordinate care across multiple providers, and enhance safety and efficiency across the healthcare system.
Clearing the necessary German regulatory reviews in August, Medco and Celesio on September 10, 2010 formally created the joint venture entity, Medco Celesio B.V. The joint venture will begin initial operations in Germany this year, and will then extend in phases to the major European markets, including the U.K., France, Spain and Italy. Over time, Medco Celesio B.V. plans to expand its geographic footprint into as many as 27 EU member states plus Switzerland and Norway, following the respective market needs and enabling regulations.
More information and pictures available at: www.medcocelesio.com
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 approximately 65 million members.
With more than 20,000 employees dedicated to improving patient health and reducing costs for a wide range of public and private sector clients, and 2009 revenues of nearly $60 billion, Medco ranks 35th on the Fortune 500 list and is named among the world's most innovative, most admired and most trustworthy companies.
For more information, go to http://www.medcohealth.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the risks and uncertainties that affect our business, particularly those mentioned in the Risk Factors section of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.
About Celesio Group:
Celesio is one of the leading international service providers within the pharmaceutical and healthcare markets. The company is active in 27 countries worldwide and employs approximately 47,000 people in its three divisions Patient and Consumer Solutions, Pharmacy Solutions and Manufacturer Solutions. Approximately 2,300 of Celesio's own retail pharmacies, as part of Patient and Consumer Solutions, serve over 600,000 customers every day. In its wholesale activities, which are part of Pharmacy Solutions, more than 130 wholesale branches deliver to over 65,000 pharmacies – day in, day out. In the Manufacturer Solutions division, Celesio offers pharmaceutical manufacturers logistics and distribution solutions and supports them in sales and marketing.
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