Mr. Snow: Our company was founded more than 25 years ago as Medco Containment Services, one of the first claims processors focused on managing the pharmacy benefit. Our business has obviously matured over the years with several transformative steps. With the acquisition by Merck in 1993, we were renamed Merck-Medco, and in the summer of 2003, we successfully spun off from Merck, creating Medco Health Solutions.
The Medco of today is the world's most advanced pharmacy, serving more than 62 million members in America, with a growing number of subsidiaries abroad. We are focused on reforming health care through clinically driven pharmacy that improves the quality of care for patients and lowers total health care costs for payors.
We have developed the largest pharmacy practice that specializes in driving clinical excellence for patients with chronic and complex conditions because these patients represent 96% of all drug spending and 75% of all medical costs. And pharmacy is a daily enabler to keeping their conditions stable and improving their overall health.
TWST: You serve 60 million people, correct?
Mr. Snow: Yes, more than 20,000 Medco people serve about 62 million members across the United States, from a wide range of public- and private-sector clients, including about one-third of Fortune 500 employers. Our company's 20,000-plus employees are dedicated to improving patient health and reducing total health care costs for a wide range of public- and private-sector clients.
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