Calls Potential $39M Payout for Medco Chief ‘Beyond Outrageous’
(TRENTON) – Assemblywoman Linda Stender (D-Union/Middlesex/Somerset) on Thursday released the following statement on news the Medco Health Solutions chief executive stands to receive nearly $39 million if his company’s proposed merger with Express Scripts is approved:
“This proposed merger was concerning enough for consumers, but the news that the company’s chief executive, David Snow, stands to earn nearly $39 million if it goes through should be of great concern to everyone in New Jersey.
“Quite simply, such a payout during a time of great economic difficult for middle-class and poor families and concerns about accessing quality health care is beyond outrageous. How much of that pay out, I wonder, is money earned on the backs of New Jersey consumers through rejected claims and expensive drug fees?
“I plan to convene an Assembly State Government hearing for Dec. 12 on this to hear testimony on the impact this proposed merger could have on New Jersey consumers. This merger would create a corporation with nearly one-third of the prescription drug benefit management market, raising concerns about already-spiraling health care costs.
“The bottom line is this merger very well could have a devastating impact on local pharmacies and patient care, and New Jerseyans should be fully aware of the potential adverse outcomes on their health care.”