DSN, higi introduce first-ever Fit Pharmacist Challenge
Drug Store News, in partnership with higi, a consumer health engagement company, is hosting the first-ever Fit Pharmacist Challenge, a series of fitness-tracking competitions that will reward winning pharmacists and pharmacy technicians for logging the most miles.
Entrants who walk — or run — 50 miles or more during a one-month Fit Pharmacist Challenge period, will be entered to win the monthly grand prize, a $500 American Express gift card. Entrants who log at least 10 miles will be entered to win a runner up prize of a $100 American Express gift card. Winners will be selected randomly throughout the month and will be featured in DSN.
“We are thrilled to partner with higi on this important endeavor,” said DSN publisher Wayne Bennett. “A fit pharmacist makes for a good pharmacist, and as pharmacists across the country play a more proactive role in consumer health care, it’s even more important for them to model healthy behavior for their customers.”
“Most people know higi for the nearly 10,000 higi health stations installed in retailers across the country,” added Richard Hirsch, SVP of marketing and media at higi. “However, we also integrate with over 50 fitness apps and devices, such as Fitbit, Nike+, Garmin, Moves and Jawbone, allowing higi users to seamlessly track and be rewarded for their physical activity across all of these different platforms. The Fit Pharmacist Challenge series is a great way to motivate pharmacists and pharmacy technicians to track and increase their physical activity.”
The first Fit Pharmacist Challenge kicks off in June, with a second slated for September and others to be announced later this year. To register, visit DrugStoreNewsCE.com/fit-pharmacist.
50 miles that's nothing. I could use $500.
How do we sign up?
Hy-Vee CEO Edeker talks pharmacy’s role in being a ‘catalyst for change’
Drug Store News editor in chief Rob Eder sat down with Randy Edeker, chairman president and CEO of Hy-Vee and recently appointed National Association of Chain Drug Stores chairman, to discuss the current state of retail pharmacy, the big challenges facing the industry, his top priorities as NACDS chairman and the role a regional supermarket pharmacy chain like Hy-Vee can play in innovating health care and being a catalyst for change.
Great interview Rob! Well done.
CVS Health to acquire Omnicare
WOONSOCKET, R.I. and CINCINNATI — CVS Health announced on Thursday that it has entered an agreement to acquire Omnicare, a provider of pharmacy services to long-term care facilities, for $98 per share in cash, for a total enterprise value of approximately $12.7 billion, which includes approximately $2.3 billion in debt.
"The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel," said CVS Health president and CEO Larry Merlo. "It also creates new opportunities for us to extend our high-quality, innovative pharmacy programs to a broader population of seniors and chronic care patients as they transition across the care continuum. We have been impressed by the Omnicare team and what they have created for the patients they serve."
With the acquisition of Omnicare, CVS Health will significantly expand its ability to dispense prescriptions in assisted living and long-term care facilities, serving the senior patient population. CVS Health will also expand its presence in the rapidly growing specialty pharmacy business. Omnicare's complementary specialty pharmacy platform and clinical expertise will augment CVS Health's capabilities and enable CVS Health to continue to provide innovative and cost-effective solutions to patients and payors. In total, Omnicare has approximately 13,000 employees at 160 locations in 47 states across the United States.
"This attractive strategic acquisition provides CVS with an incremental dispensing channel in long-term care and assisted living, which represents 72% of Omnicare’s revenues. Retail and long-term care are complementary channels, as patients cycle between assisted living and home health settings. CVS has a strong record of improving health outcomes at the lowest possible cost—a vision shared by Omnicare—and the combined companies should be able to improve gaps in existing care," stated William Blair analyst Mark Miller in a research note.
The boards of directors of both companies have approved the transaction, which is subject to approval by the holders of Omnicare's common stock, as well as other customary closing conditions, including applicable regulatory approvals. The transaction is expected to close near the end of 2015.
CVS Health expects to achieve significant purchasing and revenue synergies, as well as operating efficiencies from this combination. The company expects the transaction to be approximately 20 cents accretive to adjusted EPS in 2016, its first full year, excluding integration and any one-time transaction costs. It is expected to become increasingly accretive to adjusted EPS in subsequent years.
The company has secured $13 billion in fully committed unsecured bridge financing from Barclays and expects to put in place permanent financing in the form of senior notes and/or term loans prior to the closing of the transaction. CVS Health expects that it will continue to have a solid balance sheet and, with its strong free cash flow, is committed to returning to its targeted leverage ratio of 2.7 times adjusted debt-to-EBITDA.
"We are pleased to have reached this agreement with CVS Health, one of the leading companies in the health care industry, which we believe will allow us to accelerate our mission of enhancing the quality and cost-effectiveness of care for complex patient populations," stated Omnicare president and CEO Nitin Sahney. "This exciting combination is the result of a broad and thorough review of our strategic options. On behalf of the Omnicare team, I'd like to thank our 13,000 employees whose hard work and dedication has enabled Omnicare to become a recognized leader in pharmacy services."
Given the aging U.S. population, long-term care is a growth segment of the healthcare system. More people are expected to use assisted living facilities and independent living communities in the coming decades, creating a substantial growth opportunity for those companies serving the healthcare needs of seniors.
In entering this new customer distribution channel, CVS Health is looking to deliver meaningful benefits to consumers, patients, caregivers, and payors by providing highly coordinated clinical pharmacy care across multiple treatment settings from retail to long-term care, the company said. CVS Health is also aiming to improve patient outcomes and provide enhanced continuity of care to patients and caregivers as they transition through the health care system.
Added Miller, "CVS also should be able to enhance the profitability and growth of Omnicare's specialty business, which is the eight-largest provider in the market and represents 28% of Omnicare sales. CVS has a strong record of execution, in our view, and some finesse may be required here as Omnicare’s specialty business has been more closely aligned with pharmaceutical manufacturers versus CVS’s aggressive formulary management on behalf of payers."
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