Leading Healthcare Suppliers Sign Definitive Agreement Creating Internet-based Health Exchange
NEW YORK--(BUSINESS WIRE)--Aug. 3, 2000--Leading healthcare suppliers AmeriSource Health Corporation (NYSE: AAS), Cardinal Health, Inc. (NYSE: CAH), Fisher Scientific International Inc. (NYSE: FSH), and McKesson HBOC, Inc. (NYSE: MCK) announced today they have signed a definitive agreement forming a new joint venture that will operate as an independent, Internet-based, business-to-business electronic health exchange. The soon-to-be named company will be based in the Minneapolis-St. Paul area.
The companies originally announced their plan for the health exchange in April. Recently, they named David M. Hurley as chief executive officer and a director of the new venture. Hurley, 41, is former president and chief executive officer of Novartis Corporation's Geneva Pharmaceuticals.
Hurley will lead the implementation of the new company, the rapid formation of its management team and the finalization of the company's business plan.
The new company will offer a centralized and standardized approach and Internet clearinghouse for the many different industry processes in use today to classify, contract for and track the delivery of pharmaceutical, medical-surgical and laboratory products. It will be a commercially neutral source for healthcare product and contract information that will help streamline America's healthcare supply chain.
"Our priority will be to create a unique 'e-hub' that makes the movement of information along the supply chain more efficient than it has ever been," Hurley said. "This venture is backed by a number of leading healthcare companies involved and highly experienced in the logistics necessary to supply America's hospitals, pharmacies and other sites of care. We have the commitment, the resources, the physical infrastructure and the relationships to bring tremendous value to caregivers and the manufacturers and distributors who serve them."
Internet Link for More News
For more information, please visit www.newhealthexchange.com, the temporary site for facts and information about the joint venture and its founding members.
AmeriSource Health Corporation
AmeriSource Health Corporation (www.amerisource.com) is a leading distributor of pharmaceutical and related healthcare services and the industry's largest provider of pharmaceuticals to the acute care/health systems market. Headquartered in Valley Forge, Pennsylvania, the company serves its base of 15,000 customer accounts through a national network of 24 strategically located distribution facilities. Annual revenues: more than $11 billion.
Cardinal Health, Inc. (www.cardinal.com) of Dublin, Ohio, is a leading provider of products and services supporting the healthcare industry. Cardinal companies develop, manufacture, package and market products for patient care; develop drug-delivery technologies; distribute pharmaceuticals, medical-surgical and laboratory supplies; and offer consulting and other services that improve quality and efficiency in healthcare. Annual revenues: more than $25 billion.
As a world leader in serving science, Fisher Scientific International Inc. (www.fishersci.com) is a global source of laboratory supplies and equipment, integrated e-commerce procurement technology and related services for research and testing, healthcare, science education and occupational safety. Annual revenues: more than $2.5 billion.
McKesson HBOC, Inc. (www.mckhboc.com), a Fortune 40 corporation, is a leading supply management and healthcare information technology company. McKessonHBOC provides supply management and information technologies across the entire continuum of healthcare. Annual revenues: more than $28 billion.
Except for historical information, all other information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in the Form 10-K, Form 8-K and Form 10-Q reports and exhibits to those reports filed with the U.S. Securities and Exchange Commission by the founding members of the new health exchange, and include (but are not limited to) the costs and difficulties related to the formation and operation of the exchange, and the costs and other effects of governmental regulation and legal and administrative proceedings. The companies undertake no obligation to update or revise any forward-looking statements.
CONTACT: AmeriSource Health Media/Investor:
Michael N. Kilpatric, 610/727-7118 or Cardinal Health Media: Geoffrey D. Fenton, 614/757-7871 Investor: Steve Fischbach, 614/757-7067 or Fisher Scientific Media: Gia L. Oei, 603/929-2489 Investor: Robert J. Gagalis, 603/929-2346 or McKesson HBOC Media: Patrice Smith, 415/983-9262 Investor: Larry Kurtz, 415/983-8418 or GCI Healthcare Media Contact: Dulcie Kogut, 212/537-8102 (Office) 917/533-5023 (Cellular)