Pfizer, Express Scripts cut rebate deal |
|
|
|
Published
:
Wed, 30 May 2007 17:41
|
NEW YORK (AP) - Pfizer Inc., the world's largest drug maker, and Express Scripts Inc. said Wednesday that they reached an improved rebate agreement that will allow the cholesterol drug Lipitor onto the pharmacy benefits manager's preferred list of drugs.The addition of Lipitor signals a sea-change at Express Scripts, which started a campaign in January 2006 to get clients to shift toward lower-priced generic cholesterol drugs. The company announced in April that benefit plan sponsors and patients saved $230 million on cholesterol drugs as a result. Sales of generic cholesterol drugs noticeably picked up when Merck & Co.'s Zocor lost patent protection last June.Express Scripts spokesman Steve Littlejohn confirmed that the rebate agreement was instrumental in including Lipitor onto its preferred list of drugs as of June 1.Lipitor, the world's best-selling prescription drug, generated sales of $12.89 billion in 2006, but has consistently lost market share to lower-priced generic cholesterol drugs over the past year.Financial terms of the agreement were not disclosed.Express Scripts' preferred list of drugs already includes Pfizer's glaucoma treatment Xalatan, and its arthritis treatment Celebrex. In 2006, Pfizer reported $1.45 billion in sales of the glaucoma treatments Xalatan and Xalacom, and $2.03 billion in sales of Celebrex.Pfizer shares fell 28 cents to $27.28, and shares of Express Scripts shed 1 cent to $99.86 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Express Scripts director sells shares 