Omnicare
Encyclopedia
Omnicare is a Fortune 500
company based in Covington, Kentucky
. Omnicare functions primarily as a provider of pharmaceuticals, related consulting and data management services. As of December 31, 2009 the company provided its pharmacy services to skilled nursing, assisted living, and other healthcare facilities comprising approximately 1.4 million beds in 47 U.S. state
s, the District of Columbia and Canada
. Omnicare’s contract research organization
provides product development and research services for the pharmaceutical, biotechnology
, nutraceutical
, medical devices and diagnostic industries in 31 countries worldwide.
Names John Figueroa chief executive officer, board member
Dec 8 2010 (Reuters) - Pharmacy services provider Omnicare Inc (OCR.N) named industry veteran John Figueroa as its new chief executive officer, effective Jan 1.
Figueroa, with more than 20 years of experience in the healthcare industry, most recently served as president of the U.S. pharmaceutical group at McKesson Corp (MCK.N).
Figueroa will replace James Shelton, who was appointed as an interim CEO in August after the company's longtime CEO resigned unexpectedly.
Shelton will remain with Omnicare as the new non-executive chairman of its board and assist Figueroa during the transition period.
Omnicare's shares which have gained about 10 percent in the last three months closed at $23 Tuesday on the New York Stock Exchange. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Jarshad Kakkrakandy)
In November 2009, Omnicare paid $98 million to the federal government to settle five “qui tam” (whistleblower) lawsuits and government charges that the company had paid or solicited a variety of kickbacks. The company admitted no wrongdoing. The charges included allegations that Omicare solicited and received kickbacks from a pharmaceutical manufacturer, Johnson & Johnson, in exchange for agreeing to recommend that physicians prescribe Risperdal, a Johnson & Johnson antipsychotic drug, to nursing home patients. The settlement also covered a whistleblower lawsuit that alleged that Omnicare paid $50 million to the owners of the Mariner Health Care Inc. and SavaSeniorCare Administrative Services LLC nursing home chains in exchange for the right to continue providing pharmacy services to the nursing homes.
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
company based in Covington, Kentucky
Covington, Kentucky
-Demographics:As of the census of 2000, there were 43,370 people, 18,257 households, and 10,132 families residing in the city. The population density was 3,301.3 people per square mile . There were 20,448 housing units at an average density of 1,556.5 per square mile...
. Omnicare functions primarily as a provider of pharmaceuticals, related consulting and data management services. As of December 31, 2009 the company provided its pharmacy services to skilled nursing, assisted living, and other healthcare facilities comprising approximately 1.4 million beds in 47 U.S. state
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
s, the District of Columbia and Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. Omnicare’s contract research organization
Contract research organization
A contract research organization, also called a clinical research organization, is a service organization that provides support to the pharmaceutical and biotechnology industries in the form of outsourced pharmaceutical research services...
provides product development and research services for the pharmaceutical, biotechnology
Biotechnology
Biotechnology is a field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields requiring bioproducts. Biotechnology also utilizes these products for manufacturing purpose...
, nutraceutical
Nutraceutical
Nutraceutical, a portmanteau of the words “nutrition” and “pharmaceutical”, is a food or food product that reportedly provides health and medical benefits, including the prevention and treatment of disease. Health Canada defines the term as "a product isolated or purified from foods that is...
, medical devices and diagnostic industries in 31 countries worldwide.
Names John Figueroa chief executive officer, board member
- Appointment effective Jan 1, to replace James Shelton
Dec 8 2010 (Reuters) - Pharmacy services provider Omnicare Inc (OCR.N) named industry veteran John Figueroa as its new chief executive officer, effective Jan 1.
Figueroa, with more than 20 years of experience in the healthcare industry, most recently served as president of the U.S. pharmaceutical group at McKesson Corp (MCK.N).
Figueroa will replace James Shelton, who was appointed as an interim CEO in August after the company's longtime CEO resigned unexpectedly.
Shelton will remain with Omnicare as the new non-executive chairman of its board and assist Figueroa during the transition period.
Omnicare's shares which have gained about 10 percent in the last three months closed at $23 Tuesday on the New York Stock Exchange. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Jarshad Kakkrakandy)
In November 2009, Omnicare paid $98 million to the federal government to settle five “qui tam” (whistleblower) lawsuits and government charges that the company had paid or solicited a variety of kickbacks. The company admitted no wrongdoing. The charges included allegations that Omicare solicited and received kickbacks from a pharmaceutical manufacturer, Johnson & Johnson, in exchange for agreeing to recommend that physicians prescribe Risperdal, a Johnson & Johnson antipsychotic drug, to nursing home patients. The settlement also covered a whistleblower lawsuit that alleged that Omnicare paid $50 million to the owners of the Mariner Health Care Inc. and SavaSeniorCare Administrative Services LLC nursing home chains in exchange for the right to continue providing pharmacy services to the nursing homes.
External links
- Omnicare website
- New CEO
- Omnicare v. NCS Healthcare - Major case involving anti-takeover provisions.