CVS Caremark has increased its ownership interest in Generation Health, a genetic benefit management company, and named the firm's president and CEO to lead CVS Caremark's pharmacy benefit management business.
The two companies in November announced a strategic partnership to conduct pharmacogenomic clinical and testing services—or the interaction between a person's medications and genes—aimed at improving care for patients who either are not responding to their medications or who have adverse reactions.
Initial findings from the partnership are expected in the second quarter of 2010, both companies said in a statement. The financial terms of CVS Caremark's increased investment in Generation Health were not disclosed.
Per Lofberg, president and CEO of Generation Health, was named president of CVS Caremark's pharmacy benefit management business, effective Jan. 4. Rick Schatzberg, co-founder of Generation Health, based in Woonsocket, R.I., will take over as president and CEO of Generation Health, of Upper Saddle River, NJ. The company will remain independent.
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