Business Wire - Biovail’s Cardizem LA Obtains Favorable Formulary Coverage; Access to over 74 Million Managed Care Lives
Business Editors/Health/Medical Writers
TORONTO–(BUSINESS WIRE)–May 7, 2003
Biovail Corporation (NYSE:BVF) (TSX:BVF) announced today that it has achieved favorable formulary coverage for recently launched Cardizem(R) LA, a graded once-daily controlled release medication for the treatment of hypertension. Biovail has signed agreements giving Cardizem(R) LA a favorable formulary position with a number of Pharmacy Benefits Managers (PBMs) and Managed Care Organizations (MCOs) providing prescription healthcare services for about 74 million individuals in the United States.
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In total, approximately 170 million individuals in the United States are covered under some form of managed pharmacy benefit. Biovail continues its negotiations with PBMs and MCOs across the United States to secure Cardizem(R) LA formulary status for the majority of these managed lives.
“This is an excellent position for Cardizem(R) LA to be in four weeks post-launch,” commented Eugene Melnyk, Chairman and Chief Executive Officer, Biovail Corporation. “The unique clinical profile of Cardizem(R) LA and the compelling economic proposition it offers makes this medication a good choice for physicians, their patients, and the managed care industry. The favorable formulary coverage Cardizem(R) LA has achieved to date will offer an additional opportunity for physicians to continue to choose Cardizem(R) LA for their patients.”
MCOs offer employers comprehensive and diversified health care services via a network of Specialty and Primary Care physicians, hospitals and pharmacies designed to improve the quality of healthcare while restraining medical inflation. PBM firms assist health plans and employers in managing drug costs by using formularies, obtaining discount rates from retail pharmacies, utilizing mail / home delivery, negotiating rebates from pharmaceutical manufacturers and using intervention techniques that guide drug usage toward more cost effective medications.
Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion of pharmaceutical products utilizing advanced drug delivery technologies.
For further information, please contact Ken Howling at 905-286-3000 or send inquiries to ir@biovail.com.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995.
To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission.
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