SXC Health Solutions Corp.'s plans to buy Catalyst Health Solutions signals ongoing change and consolidation within the nation's pharmacy benefit manager market.
The Federal Trade Commission this month voted 3-1 to approve Express Scripts' $29 billion acquisition of Medco Health Solutions despite concerns from pharmacy and consumer groups that the deal was anti-competitive. The company is now the largest PBM with about 30% market share, based on prescription volume.
SXC, led by former Caremark executive Mark Thierer, is a healthcare information technology and PBM company based in Lisle, Ill. Catalyst is based in Rockville, Md. The FTC has yet to formally review SXC deal, which was disclosed last week.
“This is an extremely compelling combination that brings together SXC's industry-leading tools and technology with Catalyst's full-service PBM, best-in-class service and growing client base to create a company that is even better positioned to compete in the marketplace,” Thierer, chairman and CEO, said in a news release.