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Medco Health Solutions Settles Suit for $29.3 Million.
Byline: Lewis Krauskopf
Apr. 27--Medco Health Solutions Inc. said Monday it will pay $29.3 million to settle allegations by 20 states that it pressured doctors to switch patients' medicines to pad its profits.
The giant Franklin Lakes-based pharmacy benefits manager also will be required to change practices and make more disclosures to doctors and patients. For example, Medco must disclose more about its financial incentives to switch a patient's medication.
Several attorneys general said Monday that the agreement will provide a "model" for reform in the pharmacy benefits industry, often maligned for its secretive practices. The settlement follows a more than two-year investigation involving federal and state authorities.
Steven Rowe, attorney general for Maine, one of the states that took the lead in the case, described Medco's practice of drug switching as an "intricate card trick." "The trick ends now and all the cards must be left on the table," Rowe said during a conference call with reporters.
Medco did not admit to inappropriate business conduct under the agreement.
CEO David Snow, who has made a priority to resolve Medco's legal troubles since it spun off from Merck & Co. last August, said the company had worked "aggressively" with the states.
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