Walgreens Acquires Pharmacies Owned By TabSafe Prescription Services
Posted on: Monday, 5 November 2007, 12:00 CST
Walgreens (NYSE: WAG)(NASDAQ: WAG) has acquired two pharmacies from TabSafe Prescription Services, LLC, the pharmacy services division of TabSafe Medical Services, Inc., a privately-held company that manufactures and markets a state-of-the-art personal medication management system for seniors.
The senior-living pharmacies are located in Largo, Fla. and Roswell, Ga. Both pharmacies will operate as part of SeniorMed, A Walgreens Company. SeniorMed is a medication management company founded in 1996 that exclusively serves senior-living communities and was fully acquired by Walgreens in June 2007.
TabSafe Medical Services will retain its ownership and rights to manufacture and market the TabSafe medication management machine.
"TabSafe's devotion to helping those faced with the complexities of taking multiple medications is right in line with Walgreens commitment to healthy aging," said John Heid, vice president of long-term care pharmacy for Walgreens Health Services, the managed care division of Walgreen Co. "This acquisition allows us to care for a larger segment of that population and offer them additional services."
The acquisition expands Walgreens existing service capacity to senior-living communities in the Tampa, Fla., market, while opening the Atlanta senior-living market to the company for the first time.
By operating the TabSafe pharmacies under SeniorMed, Walgreens can offer a number of additional benefits to those patients through Walgreens Home Care and Walgreens Specialty Pharmacy. They include home infusion and respiratory services, durable medical equipment, access to self-injectable medications, and comprehensive patient education and support.
Jim Chiavetta, CEO of TabSafe Medical Services, said, "Walgreens will partner with us to continue offering our TabSafe medication management device in the Atlanta and Tampa areas. In addition, we hope to work with Walgreens on offering the TabSafe device in all cities where it serves senior-living communities."
Walgreen Co. is the nation's largest drugstore chain with fiscal 2007 sales of $53.8 billion. The company operates 6,059 stores in 49 states and Puerto Rico, including 77 Happy Harry's stores in Delaware and surrounding states. Walgreens is expanding its patient-first health care services beyond traditional pharmacy through Walgreens Health Services, its managed care division, and Take Care Health Systems, a wholly-owned subsidiary that manages convenient care clinics inside drugstores. Walgreens Health Services assists pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives, Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., and Walgreens Specialty Pharmacy LLC.
Source: Business Wire
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