BIRMINGHAM, Ala., Dec. 9, 2010 /PRNewswire/ -- Principle Pharmacy Group (Principle) today announced it has completed the sale of its pharmacy management division to Comprehensive Pharmacy Services (CPS) in Memphis, TN. The company will change its name to ContinuumRx™ and focus exclusively on the $12 billion Home Infusion Therapy Market.
Principle's pharmacy management business had grown to be the country's fourth largest pharmacy management company with hospital customers in 22 states. CPS is the nation's largest pharmacy management company, since its acquisition of McKesson's Medication Management division in 2008.
"We feel that we found the right strategic buyer for that division," said Chuck Jett, chairman and CEO of ContinuumRx. "This transaction will allow our senior team to devote all of its efforts to our home infusion and specialty pharmacy businesses. All personnel and production facilities related to our specialty infusion business will be unaffected."
"This step was necessary to successfully execute on the company's long-term growth strategy," continued Jett. "As we talked with hospital executives and evaluated the changing healthcare landscape, it became clear that we had an opportunity to re-invent ourselves by aligning with hospitals to more efficiently and effectively serve patients as they transition from the hospital-to-home setting. We believe our model of aligning with hospitals through joint ventures will bridge a critical gap in the current continuum of care. Patients that transition from 'hospital to home' with ongoing complex medication therapy treatment plans must be closely monitored and managed – something a highly fragmented home care industry does not do well today. Together with our hospital partners we believe we can have a positive impact on both quality and the cost of care."
ContinuumRx is based in Birmingham, Alabama and develops joint ventures with market-leading health systems to provide home infusion and specialty pharmacy services to the patients they serve. Through our unique integrated model with health systems and their affiliated providers, we are creating a better model of care for patients with chronic and complex conditions. Our team of clinical experts and advanced fulfillment model provides hospitals with a seamless service offering that can reduce the patient's length of stay, help avoid unnecessary readmissions and allow payors to reduce overall healthcare costs. For more information about ContinuumRx, visit online at http://www.continuumrx.com.