Interviewed in London by The Wall Street Journalin August 1994, Zeneca Group CEO David Barnes was paraphrased as saying about pharmacy benefit management acquisitions by drug firms that “vertical integration has thus far failed to produce competitive advantage in any industry where it has been tried.”
How then to explain its acquisition of Salick Health Care Inc. (SHCI)? Not merely buying a pharmacy benefit manager, Zeneca, the world’s number two player in oncology drugs, was...
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