AdvancePCS Inc. (Pharmaceutical Card System) was a large prescription benefit plan administrator from the United States, also known as a PBM (Pharmacy Benefit Manager).
The company was partially purchased by McKesson in 1969 and fully in 1972. In 1994, the company was sold to Lilly for $4.4 billion.[1] Rite Aid purchased AdvancePCS for $1.5 billion in 1999, but sold to Advance Paradigm a year later for $1 billion. In 2003, Caremark bought AdvancePCS for $5.3 billion, and CVS acquired Caremark in 2007 in a $26.5 billion deal.[2]
References
- Robert Steyer. Caremark Sags, AdvancePCS Soars on News of Union TheStreet, 3 September 2003, retrieved 2020-01-22^
- Symposium: The Changing Face Of Pharmacy Benefits Management: Information Technology Pursues A Grand Mission. Litigation-essentials.lexisnexis.com. Retrieved on 2013-09-05.^