Wendy future of retail top

Walgreens invests in Shields Health Solutions

Print Friendly, PDF & Email

Shields looks to expand unique and integrated specialty pharmacy model.

DEERFIELD, Ill. – Shields Health Solutions, Welsh, Carson, Anderson & Stowe (WCAS) and Walgreens announced Wednesday that the parties have entered into a definitive agreement through which WCAS and Walgreens will make equity investments in Shields. Terms of the agreement were not disclosed.

alex gourlay

Alex Gourlay

Shields, the nation’s leader in patient-centric, integrated, hospital-owned specialty pharmacy care is taking on the investments as Shields continues to accelerate its national expansion. Shields currently partners with a network of more than 30 leading health systems nationwide to create on site, health system-owned specialty pharmacy programs, providing tightly integrated care management across more than 30 complex specialty disease states, including oncology, neurology, rheumatology and diabetes.

“These investments are an extraordinary validation of what we have been able to achieve with our vision for integrated specialty pharmacy care that puts health systems, patients, and care professionals at the center of our mission,” said Jack Shields, founder and chief executive officer. “Our specialty pharmacy programs are exclusively focused on delivering the best care to the patient populations that need it most. Our integrated specialty pharmacy program enables health systems to offer a more comprehensive care model for their patients—improving outcomes and lowering total cost.”

“Specialty pharmacies play a critical role in ensuring a true continuum of care for patients with complex, chronic conditions,” said Alex Gourlay, co-chief operating officer of Walgreens Boot Alliance. “New and different care offerings, such as the model Shields has developed, can be instrumental in helping to meet the changing needs of patients, payers and providers. Together with Shields and WCAS, we’re committed to working to create end-to-end solutions that can complement our existing specialty pharmacy footprint and further improve patient care.”

Through the agreement with WCAS, a health care and technology-focused private equity firm and Walgreens, Shields plans to also expand into new disease states and integrated service and technology offerings.

Shields added: “We are excited to have found our ideal partners with WCAS’ industry knowledge from decades of investing in established growth stage healthcare companies, and Walgreens’ nationwide pharmacy operating experience. Together we can accelerate our growth and expansion, bringing the Shields model to more health systems across the nation and helping to serve the complex patient populations of today and tomorrow.”

Tom Scully, WCAS general partner and former administrator of the Centers for Medicare and Medicaid Services (CMS), said: “Jack and the Shields team have created a unique patient service model that is incredibly effective in supporting patients who are prescribed specialty pharmacy drugs and biologics. Shields hospital partners love the Shields staff and their excellent results, and we are excited to be part of the Shields team. Walgreens has also been a great partner in this process—and brings a wealth of knowledge and resources to this business. We are fired up by the opportunity to work with both our new partners to build a great specialty services company.”

The transaction is expected to close in the third quarter, after customary regulatory reviews.


ECRM_06-01-22


Comments are closed.

PP_1170x120_10-25-21