Hy-Vee Acquires Amber Pharmacy Continues Strategic Growth in Specialty Pharmacy Market
WEST DES MOINES, Iowa, Feb. 17, 2014 /PRNewswire-USNewswire/ -- Hy-Vee, Inc. announced today that it has entered into an agreement to purchase Amber Pharmacy, a specialty pharmacy solutions provider based in Omaha, Neb. Hy-Vee and Amber Pharmacy have been partners in Hy-Vee Pharmacy Solutions since 2010. This acquisition allows Hy-Vee to expand its current specialty pharmacy business, providing customers with increased specialty options, access and affordability.
Specialty pharmacies help patients manage complex, chronic conditions by assigning a health care team – an enrollment specialist, pharmacist, patient care coordinator, and billing coordinator – to develop an individualized plan for the patient's clinical care, insurance and financial administrative assistance. This comprehensive approach allows patients to obtain all their medications and services from one source, resulting in greater adherence to the prescribed therapy, improved health, and faster recovery.
"The partnership between Hy-Vee and Amber Pharmacy has been very successful over the last four years," said Randy Edeker, Chairman, CEO and President of Hy-Vee, Inc. "Specialty pharmacy continues to experience tremendous growth. Amber Pharmacy's talented team, innovative practices and commitment to customer service will allow us to respond to that growth while meeting and exceeding our customer needs."
Amber Pharmacy will maintain its existing name and operations, including headquarters in Omaha and locations in Chicago, Dallas and Philadelphia. The specialty pharmacy company will operate independently and will continue to be led by current president Michael Agostino, R.Ph, retaining all employees.
"The Kaplan family's history with Hy-Vee, along with their commitment to customer service, health and wellness, makes them an ideal partner to grow Amber Pharmacy's presence," said William Kaplan Sr. The Kaplan family started Amber Pharmacy in 1998 and it has a strong reputation for providing outstanding customer service. "Together, we will continue to be trusted partners with our patients, healthcare providers, insurance payers, and manufacturers," said Kaplan.
Specialty pharmacy is the fastest growing segment in the pharmacy industry. In 1990 there were 10 specialty drugs on the market, while in 2012 there were nearly 300 agents that met the definition of a specialty drug. To respond to growing demand, Hy-Vee established Hy-Vee Pharmacy Solutions in 2010. The company was founded to provide Hy-Vee employees with specialty pharmacy services more efficiently and economically. Since that time, Hy-Vee Pharmacy Solutions has grown and specialty pharmacy has become an important focus for Hy-Vee and service for its customers.
The purchase price was not disclosed, but the acquisition was approved by the boards of both companies and pending regulatory approval should close within the next 30 days.
Hy-Vee, Inc. is an employee-owned corporation operating 235 retail stores in eight Midwestern states. For 2013 the company recorded sales of $8 billion, ranking it among the top 25 supermarket chains and the top 50 private companies in the United States. To learn more, please visit the company's website, www.hy-vee.com.
Amber Pharmacy is a specialty pharmacy company supplying medications that are generally prescribed to treat chronic, complex medical conditions. The company was founded in 1998, and operates nationally as one of the largest independent specialty pharmacies in the United States. Headquartered in Omaha, Nebraska, Amber Pharmacy also has locations in Chicago, Dallas, and Philadelphia. To learn more, please visit the company's website, www.amberpharmacy.com.
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SOURCE Hy-Vee, Inc.