Omnicare, Inc is a company that provides pharmaceuticals and other pharmacy services to long term care institutions. The company also provides research for the pharmaceutical and biotechnology industries.The research part of the organization consists of a service called CRO services. However, most of the money that the company makes is made by the other division of the company.
The company seems to be doing fairly well in this industry. Last year, many divisions for Omnicare did infact close down. However, this was all part of a plan they called Phase II. Phase II was a plan they put into effect in order to save more money and be more cost efficient. In order to do this, many of their sectors needed to be closed down, including Omnicare-MI. After this division closed down, many people thought the company would not do so well any more in this market. That seemed to be true because the company ended up taking some major loans as a result and they started paying a lot of fees that they normally wouldn't have incurred.
By nature, the long term care pharmacy business is huge. Within a certain area, it is known to be highly competitive. Omnicare is said to be the nations largest provider of pharmaceuticals and related pharmacy services to long term care institutions. Omnicare has some qualities that they bring to the table which is said to differentiate them from their competitors. They say they "compete on the basis of quality, cost effectiveness, and the increasingly comprehensive and specialized nature of our services, along with the clinical expertise, pharmaceutical technology and professional support we offer."
Earlier, we talked about how Omnicare discontinued many of their divisions in a cost cutting program they called Phase II. In Earlier, we talked about how Omnicare discontinued many of their divisions in a cost cutting program they called Phase II. In January of 2003, Omnicare finished the acquisition o…