LISLE, IL, Oct. 20 /PRNewswire/ - SXC Health Solutions Corp. ("SXC" or the "Company") (NASDAQ : SXCI , TSX: SXC), a leading provider of pharmacy benefit management (PBM) products and services, today announced that its informedRx PBM unit has been awarded a three-year contract valued at approximately $240 million per year with a large Health Plan based on the U.S. east coast. The contract is effective April 1, 2011.
Under the terms of the agreement, SXC is providing a flexible and customized suite of PBM services, including Medicare Part D compliance services, to help the Health Plan manage its pharmacy program and overall drug spend.
"Our ability to customize a PBM solution for clients that delivers cost containment, improved healthcare outcomes and the level of control they require was key to earning this business," said Mark Thierer, President and CEO of SXC. "This contract expands our presence on the east coast and further highlights the value of our expertise in the management of commercial and Medicare Part D PBM services."
About SXC Health Solutions Corp.
SXC Health Solutions Corp. is a leading provider of pharmacy benefit management services and Healthcare Information Technology solutions to the healthcare benefits management industry. As the industry's "Technology-Enabled PBM"™, SXC's product offerings and solutions combine a wide range of advanced PBM services, software applications, application service provider processing services, and professional services to help healthcare organizations reduce the cost of prescription drugs and deliver better healthcare to their members. SXC serves many of the largest organizations in the pharmaceutical supply chain, such as health plans; employers; Federal, provincial, and state governments; institutional pharmacies; pharmacy benefit managers; and retail pharmacy chains. SXC is headquartered in Lisle, Illinois with multiple locations in North America. Learn more at www.sxc.com.
Certain statements included herein, including those that express management's expectations or estimates of our future performance relating to the new agreement with HealthSpring Inc., constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Factors to be considered are discussed from time to time in SXC's filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under that captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to SXC or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SXC Health Solutions Corp.