Hy-Vee Buys Amber Pharmacy
Hy-Vee Inc. has entered into an agreement to acquire Amber Pharmacy, an Omaha, Neb.-based specialty pharmacy solutions provider. Hy-Vee and Amber have been partners in Hy-Vee Pharmacy Solutions since 2010. The acquisition will enable West Des Moines, Iowa-based Hy-Vee to expand its current specialty pharmacy business in terms of increased options, access and affordability.
The purchase price wasn’t disclosed, but the acquisition was approved by the boards of both companies and, pending regulatory approval, is expected to close within the next 30 days.
Specialty pharmacies help patients manage complex chronic conditions with a health care team – an enrollment specialist, pharmacist, patient care coordinator and billing coordinator – to create a personalized plan for the patient’s clinical care, insurance and financial administrative assistance. This approach permits patients to get all of their medications and services from a single source, resulting in better adherence to the prescribed treatment, improved health and quicker recovery.
Specialty Pharmacy on the Rise
“The partnership between Hy-Vee and Amber Pharmacy has been very successful over the last four years,” noted Hy-Vee Chairman, CEO and President Randy Edeker. “Specialty pharmacy continues to experience tremendous growth. Amber Pharmacy's talented team, innovative practices and commitment to customer service will allow us to respond to that growth while meeting and exceeding our customer needs.”
Amber will retain its existing name and operations, including its headquarters in Omaha and locations in Chicago, Dallas and Philadelphia. Led by current President Michael Agostino, the company will operate independently, retaining all of its employees.
“The Kaplan family’s history with Hy-Vee, along with their commitment to customer service, health and wellness, makes them an ideal partner to grow Amber Pharmacy’s presence," said William Kaplan Sr., whose family started Amber in 1998. “Together, we will continue to be trusted partners with our patients, health care providers, insurance payers and manufacturers.”
Specialty pharmacy is the fastest-growing segment in the pharmacy industry. In response to rising demand, Hy-Vee established Hy-Vee Pharmacy Solutions in 2010.
Employee-owned Hy-Vee operates 235 retail stores in eight Midwestern states.