Workers comp PBM expands acquisition into California
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Injured Workers’ Pharmacy L.L.C. has completed the acquisition of Chronic Care Inc., a workers compensation home delivery pharmacy operating exclusively in California.
Terms of the deal were not disclosed in the release. IWP officials were not immediately available for comment.
The acquisition by Washington-based IWP of CCI, which does business as MH Express Pharmacy, provides IWP, a specialty home delivery pharmacy, entry into the largest workers compensation market in the United States, IWP said Monday in a statement.
California is the largest U.S. state in terms of direct premiums written, accounting for 19.8% of the total U.S. workers comp market, nearly twice the size of New York’s DPW share, according to a November 2014 report by A.M. Best Co. Inc.
The acquisition expands IWP’s operations to Andover, Massachusetts; Phoenix, Arizona; and now Monrovia, California, the company said in the statement.
Established in 1975, CCI’s service area in California extends from Sacramento to San Diego.
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