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Comprehensive Pharmacy Services Announces Strategic Acquisition of PharmaSource

20:00 EDT 2 Apr 2017 | Marketwired

MEMPHIS, TN--(Marketwired - April 03, 2017) - Comprehensive Pharmacy Services (CPS), the nation's largest hospital pharmacy services provider, announced today the acquisition of PharmaSource, the pharmacy management division of Omnicare. The acquisition is a tactical step in CPS' long-term strategic plan to accelerate and sustain the company's growth into the next decade and beyond. The acquisition expands CPS' broad service set and capabilities including Pediatric hospital support and other areas, furthering CPS' position as the
leader in pharmacy services nationwide.

Since 1993, PharmaSource has been a leading provider of pharmacy management services for Acute Care, Rehabilitation, LTAC, Behavioral, Pediatric, Surgical, Heart and Specialty hospitals in the country. The organization's pharmacy management solutions serve to enhance clinical services, improve patient care and control costs.

"We're excited to have PharmaSource join our team," said Don Nickleson, Executive Chairman of the Board of Directors for CPS. "PharmaSource fits well with our core business of providing resources to pharmacies, and bolsters several specialized areas of expertise that will allow us to grow our pharmacy services footprint more aggressively, including into the children's hospital space. With the PharmaSource acquisition, CPS is able to deliver dynamic results in financial and clinical performance to a broader scope of health system and hospital pharmacies."

The majority of PharmaSource employees including Scott Barham, RPh, Regional Director of Operations for PharmaSource will become part of the CPS Specialty Hospital Division.

"Anytime you bring in new people and new capabilities, it makes your company stronger," said Brian Beckett, PharmD, Division President for the Specialty Hospital Division of CPS. "PharmaSource is a great group of people, led by Scott Barham. They will fit well into CPS because both groups see ourselves as servant-leaders for our clients. By combining our resources, we'll be able to make a bigger impact for our clients in maximizing their pharmacy's financial, operational and clinical performance."

About Comprehensive Pharmacy Services

Founded 45 years ago, and employing over 2,000 pharmacy professionals, Comprehensive Pharmacy Services is the nation's oldest and largest provider of pharmacy support services to more than 500 hospitals and healthcare facilities pharmacies. CPS helps hospital pharmacists tackle complex problems such as medication reconciliation, hyper-inflated drug costs, standardization, operational effectiveness and efficiencies, centralized distribution, retail pharmacies, compliance, 340B programs and much more, leading to increased quality, reduced admissions and lower costs. For more information, visit http://www.cpspharm.com.

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