Omnicare

Omnicare
Omnicare logo
The New York Stock Exchange building on September 1, 2011 with an Omnicare banner marking the 30th anniversary of the company's public listing.

Omnicare (NYSE: OCR) 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. states, 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

  • 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. [1] The company admitted no wrongdoing.[2] 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. [3]

Notes

  1. ^ Department of Justice (November 3, 2009). "Nation's largest nursing home pharmacy and drug manufacturer to pay $112 million to settle false claims act cases". http://www.justice.gov/opa/pr/2009/November/09-civ-1186.html. 
  2. ^ Hilzenrath, David S. (January 16, 2010). "Justice suit accuses Johnson & Johnson of paying kickbacks". The Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2010/01/15/AR2010011503903.html. Retrieved January 17, 2010. 
  3. ^ U.S. Department of Justice (March 4, 2009). "Complaint of the United States in the District Court of Massachusetts CA No. 06-10149 RGS". http://www.phillipsandcohen.com/CM/NewsSettlements/United%20States%20v%20%20Omnicare%20Mariner%20et%20al%20%20complaint.pdf. 

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