Where is omnicare incorporated

The act strengthened the federal government's regulations that required nursing homes to hire pharmacy consultants to ensure better patient care. Omnicare provided such services by monthly reviewing each patient's drug program, monitoring adverse reactions, advising better therapies, and checking each facility's record keeping and drug administration policies.

In the early s Omnicare abandoned more businesses as a way to focus on its institutional pharmacy sector. At the time Chemed held 27 percent of Omnicare's stock. In Omnicare divested Labtronics, which was the last step in eliminating its medical and dental products businesses. At the same time Omnicare continued to acquire companies that provided pharmacy services to nursing homes.

In it acquired seven midwestern companies: Westhaven Services Co. Louis; and Tulsa's Ross Drug, Inc. Whereas Omnicare in the early s still was in the early stages of building its pharmaceutical business, its sales were much less than before all of its divestitures. Four more acquisitions were done in , again all in the Midwest.

They included Freed's Pharmacy, Inc. Omnicare thus extended its consolidation strategy from the Midwest into parts of the South and West.

To assist its institutional customers, in June Omnicare came out with its trademarked "Geriatric Pharmaceutical Care Guidelines," which it believed was "the first clinically-based formulary for the elderly residing in long-term care institutions," according to its K annual report.

Developed just for Omnicare by the Philadelphia College of Pharmacy and Science, the Guidelines considered patients' health conditions, cost comparisons, and other factors. The company's growth led to new offices. In late it had too many employees for its Chemed Center headquarters in Cincinnati, so it moved ten employees to a small office in Covington, Kentucky's RiverCenter office tower.

In Omnicare decided to move its headquarters to the newly built second RiverCenter tower, where it remained after the turn of the century.

The Brookside acquisition marked Omnicare's first operations in Texas. Another acquisition was Pharm-Corp of Maine Inc. This marked Omnicare's entry into the nuclear pharmacy industry in which nuclear isotopes were given to patients to help doctors diagnose internal ailments. Omnicare announced in August that it was moving ahead on its largest acquisition to date.

In addition, American Mediserve served another 27, individuals through a joint venture. In December Omnicare completed its acquisition of Coromed Inc. This was Omnicare's first acquisition of a contract research organization CRO , which took advantage of Omnicare's already existing relationships with numerous nursing homes and other long-term healthcare institutions.

This was a major turning point for Omnicare, for now it was involved in the testing of new drugs, not just the distribution of drugs. At the end of Omnicare provided its pharmacy services to about , individuals in 5, nursing homes, retirement centers, and other long-term care facilities in 37 states.

Some 7, workers, including 1, part-time, were employed at the end of the year. In its K annual report to the Securities and Exchange Commission, Omnicare said that it was "the largest independent institutional pharmacy company in the U. Other acquisitions included Premiere Institutional Pharmacy Inc. Omnicare continued to grow by acquisitions in Hasse GmbH in Cologne, Germany. Omnicare Inc.

Its revenues earned it a ranking as the nation's th largest company, according to Fortune on April 15, In the healthcare industry, Omnicare was listed as the 26th largest company. In January the company completed a major acquisition by buying most assets of American Pharmaceutical Services Inc.

Once again Omnicare continued its role as a major consolidator of the geriatric pharmaceutical distribution and consulting industry. Omnicare proved to be a great example of a company that changed directions to take advantage of healthcare and demographic trends beginning in the s. Since hospital occupancy rates fell and numerous community hospitals closed their doors, Omnicare quit providing products and services for such large institutions.

Second, it shifted to serving the rapidly aging American population by providing pharmacy services to nursing homes, assisted living facilities, and other geriatric institutions. Omnicare's focus on such smaller facilities was part of a general decentralization trend in the postindustrial Information Age.

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