Going in for some INFU.....
Infu-Tech Chairman/CEO Jack Rosen to Focus on Launch of Smartmeds Website Targeted to $16 Billion Specialty Pharmaceutical Market
Charles Shapiro Named Vice Chairman of Company
NEW YORK, Dec. 30 /PRNewswire/ -- Infu-Tech, Inc. (Nasdaq: INFU - news) announced today Jack Rosen, Infu-Tech's chairman and chief executive, will concentrate his efforts on the launch of the SmartMeds website, the strategic cornerstone of the company's efforts to tap the vast specialty pharmaceutical market, which the Wall Street Journal recently valued at $16 billion. Charles Shapiro, 40, has been named vice chairman of the company, and will concentrate on corporate strategy, sales and marketing and operational efficiencies and accountability.
''The appointment of Charles Shapiro to the vice chairman position will allow me to take the lead role in managing Smartmeds, which is in integral component of Infu-Tech's future. The specialty pharmaceutical market is fragmented and underserved by traditional retailers, and we believe a significant portion of patients, many of whom are home bound, will be interested in purchasing such medications over the Internet.''
Prior to joining Infu-Tech, Mr. Shapiro held variety of senior management positions in operations, sales and marketing, and mergers and acquisitions at Magellan Health Services Inc. Mr. Shapiro's background also includes consulting work for a variety of e-commerce start-ups.
''Charles Shapiro's experience in both managed care and Internet business should be a major help to us in overseeing the implementation of our business plan,'' said Mr. Rosen.
SmartMeds is a key component in Infu-Tech's strategy for generating more revenues from its specialty pharmacy business. The website will feature interactive online disease management programs, password-protected patient records, medical news and expert advice from medical professionals plus the secure online pharmacy feature for specialty medications, as well as nutritional products and herbal remedies. The site is very managed-care friendly, empowering patients, doctors, pharmacies and third party payors and providing them a common secure database on a patient's medical history and treatment.
''The position of vice chairman will be key to the success of Infu-Tech's business plan, as it creates a strong mandate and commitment to strategic planning, implementation and demanding results from our various strategic initiatives,'' said Mr. Shapiro. ''I hope to work with management to realize the great potential that Infu-Tech represents.''
Infu-Tech Inc. (Nasdaq: INFU - news) is a leading provider of high-quality, cost- efficient specialty pharmaceuticals and medical services to patients in their homes, ambulatory infusion sites and in long-term care facilities. With more than 15 years of clinical experience and managed care relationships with enrollees of more than 70 HMO's, large employer groups, Medicare and Medicaid, Infu-Tech has earned a reputation for patient satisfaction and clinically proven success in delivering high levels of service to special needs patients. Infu-Tech will be extending its company's interaction with patients with the introduction of its website, smartmeds.com and will be supporting the website with an advertising campaign on ''Infospace.com - Nasdaq: INSP''. The initial website, which will include an online pharmacy and interaction with medical professionals, will offer the convenience and consistency of ordering specialty medications and other medical products with a simple mouse click.
Infu-Tech is accredited by the Joint Commission on Accreditation of Health Care Organizations (JCAHO), and the company's products and services are marketed in 27 states. Infu-Tech is a publicly traded company, Nasdaq: INFU.
SOURCE: Infu-Tech, Inc.
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