LISLE, IL, June 30 /CNW/ - SXC Health Solutions Corp. ("SXC" or the
"Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of technology and
pharmacy benefits management services, announces a five and a half year
contract for its informedRx(R) pharmacy benefit management ("PBM") services
with The University of Toledo ("UT").
SXC will begin providing its services for more than 6,000 members of UT's
employee prescription benefit program on July 1, 2008 and will expand its
coverage to more than 13,000 covered lives on January 1, 2009.
"This is an important step forward for SXC, as it expands our presence
into the self-insured employer market and provides us with an opportunity to
showcase our full-service transparent PBM services with a University that
includes an academic medical center," said Mark Thierer, President and Chief
Executive Officer at SXC. "The collaboration of UT and SXC reinforces our
ability to compete with the industry's largest PBMs and demonstrates our
ability to reach a broad number of healthcare organizations with our flexible
suite of technology and services."
UT will use informedRx(R) to adjudicate prescription drug claims, manage
reimbursement of retail pharmacy network contracts, analyze drug utilization,
manage rebate contracts with pharmaceutical manufacturers, and handle member
and pharmacy help desk calls. UT will also utilize SXC's adjudication platform
to price and dispense "own use" class of trade products from UT owned
"This collaboration will give us creative options to serve the various
prescription drug benefit needs of our employees," said Laura Miller, Senior
Director of Benefits at UT. "For example, the additional purchasing power of a
larger operation combined with personalized University-quality care will
enable our employees and their families to spend less money and less time
buying the pharmaceuticals they need."
informedRx(R) is a broad suite of à la carte pharmacy benefit services
that provide a flexible and cost-effective alternative to traditional pharmacy
benefit management offerings. informedRx is built around SXC's industry
leading technology solutions including pharmacy claims processing and
reporting, rebate billing system and near real-time alternative therapy
messaging. All contracting is founded on a total transparency and pass-through
model for manufacturer rebates, retail network contracting and MAC management.
informedRx also provides clinical intervention programs and drug utilization
reviews which feature a coordinated approach with plan sponsors allowing input
and control for specific client and market situations. All programs are priced
on a fee-for-service basis.
About University of Toledo
Located in Toledo, Ohio, The University of Toledo, a student-centered,
public metropolitan research university with 20,000 students and picturesque
campuses is recognized nationally for their beauty and is one of 13 state
universities in Ohio. Established in 1872 and a member of the state university
system since 1967, The University of Toledo and the Medical University of Ohio
have merged to form the third-largest public university operating budget in
The University of Toledo is recognized as a leader nationally for several
programs and offers more than 250 undergraduate, graduate and professional
programs. For more information, please visit www.utoledo.edu
About SXC Health Solutions
SXC Health Solutions Corp. (SXC) is a leading provider of pharmacy
benefits management (PBM) services and HealthCare IT (HCIT) solutions to the
healthcare benefits management industry. The Company's HCIT Group is dedicated
to supporting the PBM industry with a broad range of technology, tools and
services including a wide range of software applications, application service
provider (ASP) processing services and professional services. SXC's customers
include the largest organizations in the pharmaceutical supply chain, such as
Federal, provincial, and state and local governments, PBMs, managed care
organizations, institutional pharmacies, and other healthcare intermediaries.
SXC is headquartered in Lisle, Illinois with 13 locations in the US and
Canada. For more information please visit www.sxc.com.
For further information:
For further information: Jeff Park, Chief Financial Officer, SXC Health
Solutions, Inc., Tel: (630) 577-3206, email@example.com; Dave Mason, Investor
Relations, The Equicom Group Inc., (416) 815-0700 ext. 237,
firstname.lastname@example.org; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, email@example.com