Express Scripts Incorporated
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Express Scripts (NASDAQ: ESRX) began in 1986 in St. Louis, as a result of a joint venture between a retail chain of more than 100 pharmacies and Sanus Corp. Health Systems. Express Scripts was purchased by New York Life Insurance Company in 1989 and became a publicly traded company in 1992. Express Scripts experienced tremendous growth through expansion of its client base and product lines. By 1998, Express Scripts employed over 1500 employees.
Express Scripts has also grown through several acquisitions: ValueRx, Diversified Pharmaceutical Services (Diversified), and National Prescription Administrators (NPA).
Express Scripts is a pharmacy benefit manager. They process pharmaceutical claims for members at network pharmacies and at their own mail order pharmacies. They provide services to manage drug plans for government agencies (both as administrator of employee benefits and public assistance programs), corporations, and unions. Their largest client is the United States Department of Defense's TRICARE program.
Today, Express Scripts employs over 13,500 people nationwide. The corporate headquarters is located in St. Louis with major North America sites in Albuquerque, NM; Bensalem, PA; Bloomington, MN; Orlando, FL; Farmington Hills, MI; Harrisburg, PA; Horsham, PA; Pueblo, CO; St. Marys, GA; Tempe, AZ; Troy, NY; and Mississauga, Ontario and Montreal, Quebec.
[edit] Fraud Allegations
On August 4th, 2004, New York state Attorney General Elliot Spitzer filed a lawsuit against Express Scripts alleging that the company had kept tens of millions of dollars in drug rebates owed to the state. The suit was filed in the state Supreme Court in Albany County.
