"Omnicare views CMS's release as contrary to the interests of Medicare beneficiaries and inconsistent with the statute and purposes underlying the Part D program. The patient protections upon which CMS has commented are both beneficial and appropriate for Part D enrollees in long-term care facilities. Without these protections, long-term care residents may be subject to prior authorization restrictions designed for ambulatory patients, which may result in nursing home residents failing to receive their medications promptly after they are ordered by the resident's physician. Similarly, a nursing home resident on 8-10 medications may be required to switch most or all of these within a 60-day period in order to comply with a plan's formulary, which would be both clinically unsound and contrary to the 90 -180 day period which CMS previously has indicated is appropriate. Moreover, CMS is barred by statute from interfering in negotiations between Part D plan sponsors and pharmacies. Our goal remains to continue to protect the patients we serve."
Omnicare, Inc. (NYSE: OCR), a Fortune 500 company based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities and other chronic care settings comprising approximately 1,437,000, beds in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Omnicare's pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare offers clinical research services for the pharmaceutical and biotechnology industries in 30 countries worldwide. For more information, visit the company's Web site at www.omnicare.com.
In addition to historical information, this press release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of management's views and assumptions regarding business performance as of the time the statements are made, and management does not undertake any obligation to update these statements. These forward-looking statements include, but are not limited to, all statements regarding the intent, belief or current expectations regarding the matters discussed or incorporated by reference in this document (including statements as to "beliefs," "expectations," "anticipations," "intentions" or similar words) and all statements which are not statements of historical fact. Forward-looking statements, together with other statements that are not historical, involve known and unknown risks, uncertainties, contingencies and other factors that could cause results, performance or achievements to differ materially from those stated, including, but not limited to, the risks and uncertainties described in the Company's reports and filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, the Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as otherwise required by law, the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For more information on Omnicare, Inc, visit www.omnicare.com.
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