Pharmacy benefits manager Medco Health Solutions, Franklin Lakes, N.J., completed a $2.3 billion acquisition of Accredo Health, Memphis, Tenn., a specialty drug company serving patients on long-term therapies. Accredo will operate as an independent business segment under Kenneth Klepper, Medco's executive vice president and chief operating officer. Specialty pharmaceuticals represented 8.5% of total pharmacy spending in 2004, up from 5.6% in 2003, according to Medco's drug trend report. Specialty drug spending grew 20.4% in 2004. -- by Cinda Becker
Medco acquires specialty drug firm for $2.3 billion
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