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WellPoint, Walgreen Partner on Drug Plan
Associated Press
October 5, 2005
WellPoint Inc. said Wednesday that it will partner with Walgreen Co., the nation's largest drugstore chain by revenue, to market the health-care provider's prescription drug plan to Medicare beneficiaries.
Financial details of the relationship were not disclosed.
On Sept. 23, the Department of Health and Human Services cleared WellPoint and eight other providers to offer their prescription drug plans nationwide to Medicare recipients. Providers were able to start marketing their plans, which needed to have rates comparable to Medicare's, on Oct 1. and can begin coverage on Jan. 1.
Under the partnership, WellPoint will market its plan in Walgreen stores, and the companies will collaborate on community outreach programs to sell the plan. Walgreen operates 4,962 stores in 45 states and Puerto Rico. About 42 million people receive Medicare benefits.
Walgreen shares rose 19 cents to $44.33 in pre-market activity.
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