UnitedHealth acquires pharmaceutical company Genoa Healthcare for $2.5bn
From developing long term partnerships with medtech companies, to placing increased emphasis on delivering higher quality health services and insurance products, UnitedHealth is continuing to look at ways to provide further support to US citizens.
The company has recently acquired pharmacy, outpatient psychiatry and medical management business, Genoa Healthcare for approximately $2.5bn, Bloomberg has reported. The company will be absorbed into its existing pharmacy benefit arm, OptumRx.
Acquiring the business from private equity company, Advent International, the insurer is increasingly exploring new markets in the face of growing competition from new and traditional players a technological revolution and transforming healthcare regulations.
The fifth largest drug chain in the US, the acquisition will UnitedHealth absorb over 425 pharmacies under Genoa’s umbrella, spanning 46 states, 435 locations and serving over 650,000 US citizens. Providing support to those with behavioural health needs, the business is bolstered by a range of medical professionals who will continue to offer exceptional, bespoke services.
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“To help better support the pharmacy needs of patients with behavioural health and substance use disorders, OptumRx is combining with Genoa Healthcare,” a spokesperson for OptumRx has stated.
“This will help ensure improved access, health outcomes and pharmacy, telepsychiatry, and medication management experiences for consumers across the country, including Medicare and Medicaid beneficiaries, while helping public and private sector payers reduce their health care costs.”
According to its website, Genoa consumers are commonly covered by Medicaid or Medicare, and often struggle to hold down a job and maintain stable housing and reliable transportation. This has led to increase complexities within medication management.
The acquisition will therefore enable UnitedHealth to diversify its portfolio and drive further quality across its operations as it continues to support local communities.