MEDPARTNERS: Changes Name to Caremark Rx
Beleaguered physician management practice giant MedPartners Inc. announced yesterday that it has changed its name to Caremark Rx Inc., reflecting an almost exclusive new focus "on its core pharmaceutical services operations." The company has divested all but 12 practices under its discontinued practice management arm, representing less than 10% of the total proceeds estimated to result from the spin-off process. Caremark, a formerly independent prescription benefit manager purchased by MedPartners in 1996, provides drug benefit services to over 1,200 health plans, in addition to operating a national retail pharmacy network with over 50,000 participating pharmacies and "the industry's only FDA-regulated repackaging plant." Said MedPartners Chairman and CEO Mac Crawford, "The Caremark name is well-known and respected in the pharmaceutical services industry, and we look forward to continuing to build recognition of the Caremark brand" (release, 9/13).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.