May 4, 2012 |
Here's looking at you, Medco. Jerry Lacy played Humphrey Bogart in the 1972 film "Play It Again, Sam. " He also appeared in various soap operas. These days, though, he's playing a bit part in the disaster movie known as the U.S. healthcare system. Lacy, 76, of Calabasas, requires prescription meds to control his cholesterol and blood pressure. His wife takes pills for a thyroid condition. But now Lacy has a choice to make: Pay full price for the meds at drugstores like CVS or Walgreens, or buy from a single source - the online drugstore belonging to Medco.
October 28, 2011 |
The X Prize Foundation, which offers monetary awards for solutions to pressing scientific challenges, has tackled space travel, moon missions and oil spill cleanups. Now it's taking on the human genome. The Archon Genomics X Prize presented by Medco is challenging teams to accurately sequence the DNA of 100 centenarians within 30 days at $1,000 or less per genome. The first team to complete the task successfully will receive $10 million, and the sequenced genomes will be published for use in research.
April 19, 1989
Medco Research Inc. of Los Angeles secured from the University of Virginia Alumni Patents Foundation an extension of its exclusive right to research, develop and market Adenocard for $200,000, according to a Securities and Exchange Commission filing. Under the agreement, Medco has until March, 1992, to obtain Federal Drug Administration approval for Adenocard, an injectable acute treatment for supraventricular tachycardia. Medco manufactures pharmaceuticals and medical devices.
October 24, 2006 |
Medco Health Solutions Inc., the biggest manager of employee prescription drug benefits, agreed to pay $155 million to settle U.S. allegations that it accepted kickbacks from drug makers and submitted false claims to the government. The settlement resolves two civil cases and an investigation by the U.S. attorney's office in Philadelphia, the Justice Department said Monday. The government also accused the company of paying kickbacks to health plans to obtain business.
June 22, 2002 |
Merck & Co. said its Medco unit acted properly when it booked revenue from patient co-payments to pharmacies that it never collected, but its shares fell on a report that questioned the practice. Shares of Merck fell $2.22 to $49.98 on the NYSE, their lowest level since late 1997. Merck declined to comment on how the report about its Merck-Medco unit might affect the company's planned spinoff of about 20% of Medco through an initial public offering, which Wall Street expects next week.
September 30, 2003 |
Federal prosecutors accused the nation's biggest pharmacy benefit management company of defrauding clients by destroying prescriptions, switching patients' medications without their consent and giving favorable treatment to drug companies that paid hefty rebates. A lawsuit filed in Philadelphia accuses Medco Health Solutions Inc.