SAN DIEGO, Aug. 25, 2004 (PRIMEZONE) -- MedVantx(r), Inc., the leading provider of generic first-line therapy programs to payor organizations and physicians, announced today that New Jersey's largest health insurer, Horizon Healthcare Services, Inc. (Horizon), serving more than 2.9 million members, has joined the AdvantagePOINT(sm) Network. Horizon will be the first insurer in the Eastern U.S. network and begin piloting the program in select provider offices this summer.
According to the Centers for Medicare and Medicaid Services, the largest increase in personal health care expenditures is on prescription drugs. In 2002, total spending for prescription drugs in the United States was $162.4 billion.
This initiative is part of Horizon's effort to increase the dispensing rate of generic prescription drugs in New Jersey. Horizon's program is a one-year pilot that will launch in Fall 2004. It will be made available for up to 100 physician offices over the course of the year, and Horizon will monitor the program's impact on increasing generic prescription drug usage in those offices.
"We are extremely pleased that Horizon has joined the AdvantagePOINT Network," said Earl Hurst, Executive Vice President of Sales for MedVantx. "Horizon has a tradition of pursuing novel programs to reduce drug spend and its participation as the first sponsor in the New Jersey marketplace is a significant milestone for MedVantx."
"The MedVantx AdvantagePOINT Network will allow us to offer our members a way to save money while gaining access to a wider range of choice for prescription drugs," said Dr. Richard Popiel, Vice President and Chief Medical Officer of Horizon. "Through this initiative we will provide physicians participating in the program with useful resources, including generic drug samples and educational materials, to help them better inform their patients. Reducing health care costs and providing greater access to health care is another way we are Making Healthcare Work for our more than 2.9 million members."
The program-called the AdvantagePOINT(sm) Network-brings together regional networks of payor and provider organizations in the creation of a level playing field for generics with the branded pharmaceutical industry. The network utilizes a comprehensive, integrated approach across all participating members. These programs include an Educational Marketing Force, Evidence-Based Medicine Programs, Direct-to-Consumer Advertising, and Generic Sampling Programs.
About MedVantx:
MedVantx is creating the first national sales and marketing channel for generic pharmaceuticals to physicians. Over the next three years, $50 billion of branded pharmaceuticals are poised to come off patent. More than ever before, health plans, employer groups and state and federal agencies are seeking novel strategies to promote and increase the appropriate utilization of generic medications by physicians. MedVantx is uniquely positioned to provide an integrated and sustainable solution to increase generic dispensing at the point-of-care. The Company's AdvantagePOINT Network brings together regional networks of payor and provider organizations to simplify and advance care by initiating clinically appropriate and cost-effective therapy in the physicians' office. The Company's products and services are 100% focused on the appropriate use of generics and include the unique combination of an educational marketing force, evidence-based medicine programs, direct-to-consumer advertising, and generic sampling programs combined with the Company's proprietary point-of-care, web-enabled automated sample management system.
About Horizon Healthcare Services, Inc.:
Horizon Healthcare Services, Inc., with headquarters in Newark, is New Jersey's largest health insurer providing coverage to more than 2.9 million people.