Press Release: Moda Announces Sale of PropacPayless To PharMerica
Today, Portland-based health insurance company, Moda Health announced the sale of PropacPayless Pharmacy to PharMerica Corporation.
“This is another major development for the Moda family,” said Moda CEO and President Robert Gootee. “Being innovative, entrepreneurial and diversified has always been our core strength,”
Based in Vancouver, WA, PropacPayless, is among the top independent long-term care and senior living pharmacies in the country, serving more than 34,000 people today, primarily in the northwest and western U.S. Headquartered in Louisville, KY, PharMerica Corporation is a leading provider of institutional and community-based pharmacy services across the U.S. with a similar focus on quality services and people. Together, the combined company will serve the long-term care, senior living, hospital, home infusion, behavioral, specialty and oncology pharmacy markets.
“As costs in our industry continue to rise and as quality and efficiency at scale are critical, we found a proactive way to enhance our market standing and augment service reliability and growth by partnering with the preeminent independent, institutional, community and closed-door pharmacy company in the U.S.” said John Mack, chief executive officer and president of PropacPayless. “We will continue to take a local and customized approach when serving our community of customers and clients,” says Mack. “Yet, we can now also provide differentiated capabilities and a diverse set of comprehensive offerings to the special populations we serve.”
The transaction officially closed on May 23. With this new partnership, both companies will leverage best practices in people, processes and technology to continue to build on PropacPayless’ strong relationships, while utilizing PharMerica’s scale, proximity and unique clinical programs. Moving forward, the companies will continue to assess the opportunities the combination has created for both its customers and employees.
“Today marks the start of an exciting new chapter for both companies,” said PharMerica President Bob Dries. “We look forward to working together on our next phase of development. Together, we will have unmatched capabilities to drive improved outcomes and reduce costs and help people in the Pacific Northwest live their best lives.”