Medco
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| Campaign to Fix the Debt Company Profile | |
|---|---|
| Company Name | Express Scripts |
| CEO Name | George Paz |
| CEO Compensation | $8,515,950 |
| CEO Retirement Assets | $5,132,775 |
| Annual Company Revenue | $46,128,300,000 |
| Territorial Tax Break | $18,900,000 |
| Federal Lobbying/Political Donations ('09-'12*) | $5,903,292 |
| Click here for sources. 2011 data unless otherwise noted. ©2013 Center for Media and Democracy | |
Medco Health Solutions, Inc., based in Franklin Lakes, New Jersey, is a large U.S. mail order pharmacy and pharmacy benefits management company that is now called Express Scripts. The company manages drug benefits for corporations, unions, insurance companies, and federal employees.[1] In April 2012, the Federal Trade Commission approved its merger with Express Scripts to form the pharmacy benefits management industry's largest company.[2]
In 2011, Medco reported $70,063,300,000 in total net revenue.[3] The same year, Express Scripts reported $46,128,300,000 in revenue.[4]
Ties to Pete Peterson's "Fix the Debt"
The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem."
This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt.
| About Fix the Debt |
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The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." Through a special report and new interactive wiki resource, the Center for Media and Democracy -- in partnership with the Nation magazine -- exposes the funding, the leaders, the partner groups, and the phony state "chapters" of this astroturf supergroup. Learn more at PetersonPyramid.org and in the Nation magazine.
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Ties to the American Legislative Exchange Council
Until 2012, Medco was a corporate member of the American Legislative Exchange Council (ALEC). It paid extra for a seat on the Health and Human Services Task Force.[5] After it merged with Express Scripts, which had also funded ALEC, in April 2012, both parts of the newly formed corporation confirmed that they had cut ties with ALEC in July 2012 -- days after its major competitor, CVS Caremark, had made a similar announcement -- making it the 26th corporation to do so in 2012.[2] However, an August 2013 ALEC board document obtained by The Guardian suggested that Express Scripts hadn't terminated its membership until January 14, 2013, having "dropped b/c of PBM issue," and Medco didn't terminate until February 25, 2013, because it "merged with Express Scripts."[6] See Corporations Which Have Cut Ties to ALEC for more.
| About ALEC |
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ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our ExposedbyCMD.org site.
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Ties to the Institute for Clinical and Economic Review (ICER)
Express Scripts is a financial supporter of Institute for Clinical and Economic Review (ICER), a health care non-profit in New England with deep ties to industry. Implementations of anti-patient measures like strict pre-authorization requirements[1], which have severely limited patients' access to prescription drugs, by Express Scripts have closely followed the release of ICER reports on those drugs.
Personnel
Management
As of January 2013:[7]
- George Paz, Chairman & Chief Executive Officer
- Keith Ebling, Executive Vice President & General Counsel
- Jeff Hall, Executive Vice President & Chief Financial Officer
- Christine Houston, Senior Vice President - Pharma & Retail Relations
- Ed Ignaczak, Executive Vice President - Sales & Marketing
- Pat McNamee, Executive Vice President & Chief Operating Officer
- Steve Miller, MD, Senior Vice President & Chief Medical Officer
- Glen Stettin, MD, Senior Vice President - Clinical, Research & New Solutions
- Sara Wade, Senior Vice President & Chief Human Resources Officer
- Tim Wentworth, Senior Vice President & President - Sales & Account Management
- Gary Wimberly, Senior Vice President & Chief Information Officer
- Larry Zarin, Senior Vice President & Chief Marketing Officer
Former executives include:[8] (with 2006 pay)
- David B. Snow, Jr., Chairman and Chief Executive Officer, $8,610,000 (2007)[9]
- Bryan D. Birch, Group President, Employer Accounts, $2,306,744[10]
- John P. Driscoll, President, Insured and Emerging Markets, $1,873,581[11]
- Kenneth O. Klepper, Chief Operating Officer, $4,117,601 (also exercised $2,005,313 in options)[12]
- JoAnn A. Reed, Chief Financial Officer, $1,793,013[13]
Board of Directors
- George Paz, Chairman of the Board; Chief Executive Officer,Express Scripts
- Gary G. Benanav, Director; Retired Vice Chairman, New York Life Insurance Company
- Maura C. Breen, Chairman of the Compensation Committee; Retired Senior Vice President, Verizon Communications
- William J. DeLaney, Director; President and Chief Executive Officer, Sysco Corporation
- Nicholas J. LaHowchic, Director, Chairman of the Compliance Committee; President, Diannic LLC
- Thomas P. Mac Mahon, Presiding Director, Chairman of the Corporate Governance Committee; Director and Retired Chairman and Chief Executive Officer, Laboratory Corporation of America Holdings; Director, Member of Compensation Committee and past Chairman of the Board of PharMerica Corporation
- Frank Mergenthaler, Director, Chairman of the Audit Committee; Executive Vice President and Chief Financial Officer, Interpublic Group
- Woodrow A. Myers Jr., M.D., Director; Managing Director, Myers Ventures LLC
- John O. Parker, Jr. , Director; Venture Partner, Rho Ventures, LLC
- William L. Roper, MD, MPH, Director; Dean, University of North Carolina (UNC) School of Medicine; Vice Chancellor for Medical Affairs; Chief Executive Officer, UNC Health Care System
- Samuel K. Skinner, Director; Retired Chairman and Chief Executive Officer, USF Corp.; Former U.S. Secretary of Transportation and Chief of Staff To President of United States (under George H.W. Bush)
- Seymour Sternberg, Director; Retired Chairman and Chief Executive Officer, New York Life Insurance Company
Former board members include:[14]
- Howard W. Barker, Jr., former partner at KPMG
- Michael Goldstein, former Chief Executive Officer, Toys "R" Us
- Myrtle Potter, also Director at Amazon.com, former Chief Operating Officer of Genentech
Political contributions
Medco gave $279,500 to federal candidates in the 2006 election through its political action committee - 28% to Democrats and 71% to Republicans. [15]
Lobbying
Medco Health Solutions spent $890,000 for lobbying in the first half of 2007. [16]
Contact details
Express Scripts Holding Co.
1 Express Way
St. Louis, MO, 63121
Phone: (314) 996-0900
Web: www.express-scripts.com
Articles and Resources
Featured SourceWatch Articles on Fix the Debt
- Fix the Debt Portal Page
- Fix the Debt's Leadership
- Fix the Debt's Partner Groups
- Fix the Debt's State Chapters
- Fix the Debt's Lobbyists
- Fix the Debt's Parent Group
- Fix the Debt's Corporations
- Pete Peterson
- Peter G. Peterson Foundation
- America Speaks
- Simpson-Bowles Commission
- Erskine Bowles
- Alan Simpson
- Social Security
- Medicare
- Medicaid
Related SourceWatch articles
External articles
- "Medco Health to Settle Complaints", Associated Press/CorpWatch, April 27, 2004.
- Milt Freudenheim, "Caremark to Settle Whistle-Blower Suit", The New York Times/CorpWatch, September 9, 2005.
- Barbara Martinez, "Selling Generic Drugs by Mail Turns Into Lucrative Business", Wall Street Journal/CorpWatch, May 9, 2006.
- Raymond Hernandez and Robert Pear, "Once an Enemy, Health Industry Warms to Clinton", The New York Times/CorpWatch, July 12, 2006.
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References
- ↑ Medco Profile, Hoovers, accessed January 2008.
- ↑ 2.0 2.1 ColorOfChange.org, ColorOfChange Applauds Express Scripts/Medco's Decision to End its Membership in ALEC: Company is 26th to Leave the American Legislative Exchange Council, organizational press release, July 13, 2012
- ↑ Medco,"2011 Form 10-K", Organizational Document, page 41.
- ↑ Express Scripts, "2011 Annual Report", Organizational Document, page 2.
- ↑ American Legislative Exchange Council, HHS Task Force, June 29, 2011, organizational membership spreadsheet, June 29, 2011, p. 32, obtained and released by Common Cause April 2012
- ↑ American Legislative Exchange Council, ALEC 40th Anniversary Annual Meeting Board Meeting packet, organizational documents, August 6, 2013, released by The Guardian December 3, 2013.
- ↑ Express Scripts, Leadership, organizational website, accessed January 2013
- ↑ Executive officers, Medco, accessed January 2008.
- ↑ David B Snow Jr, Forbes, accessed January 2008.
- ↑ Bryan D Birch, Forbes, accessed January 2008.
- ↑ John P Driscoll, Forbes, accessed January 2008.
- ↑ Kenneth O Klepper, Forbes, accessed January 2008.
- ↑ Joann A Reed, Forbes, accessed January 2008.
- ↑ Board of Directors, Medco, accessed January 2008.
- ↑ 2006 PAC Summary Data, Open Secrets, accessed January 2008.
- ↑ Medco Health Solutions lobbying expenses, Open Secrets, accessed January 2008.
