Supermarket giant Kroger is expanding its presence in the specialty pharmacy market.
The Downtown Cincinnati-based company said Wednesday that one of its subsidiaries will buy Modern HC Holdings Inc., the corporate parent of Orlando-based ModernHealth. Modern HC Holdings is being folded into Kroger’s Axium Pharmacy business.
Financial terms were not disclosed. The transaction is subject to certain regulatory approvals.
Kroger entered the specialty pharmacy business with its purchase of Axium Pharmacy in 2012 to increase its ability to serve patients with complex chronic conditions. Kroger said ModernHealth employs about 500 people and is one of the nation’s largest independent providers of specialty pharmacy services. Company officials said the deal is expected to improve purchasing efficiency and reduce costs in addition to expanding its footprint in the western and southwestern United States.
«This strategic investment will accelerate the growth of Kroger’s health and wellness business,» said Robert Clark, Kroger’s senior vice president of merchandising, in a statement. «Expanding our specialty pharmacy services will provide our customers with greater access to medications we don’t currently dispense and access to additional services without going to another pharmacy.»
Kroger, now the nation’s fifth-largest pharmacy operator, has 2,230 pharmacy locations and 195 locations of the Little Clinic. The company’s pharmacists also provide health coaching, biometric screening and other wellness services.
Kroger serves 8.5 million customers a year at its 2,778 grocery stores in 35 states. The company employs 431,000 people. Kroger also operates 785 convenience stores, 323 jewelry stores, 1,400 supermarket fuel centers and 38 food production plants in the United States.
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