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Companies Combine to Enhance and Expand Turnkey Integrated Drug Packaging for the Global Healthcare Market
MeadWestvaco Corp. (NYSE:MWV) and India-based Bilcare Ltd. today announced the joint acquisition of pharmaceutical packaging company International Labs of St. Petersburg, Fla. The joint acquisition will leverage best-in-class capabilities for adherence-promoting pharmaceutical packaging and streamline the supply chain by eliminating several steps in the distribution channel, helping to make adherence packaging more widely available to consumers throughout the global marketplace, especially through growing low-cost generic and branded drug programs. The acquisition was completed on July 18, 2008. Terms of the agreement were not disclosed.
The partnership combines MWV's capabilities in healthcare packaging design and innovation, including compliance and injection molded packaging; Bilcare's research and expertise in materials, products, processes and services which enable the safe and effective integration of pharmaceuticals and packaging; and International Labs' contract packaging services for retail pharmacies, and large generic and branded drug manufacturers.
"The combination of our turnkey capabilities has helped enable the creation of new, highly efficient, consumer-oriented supply chains that are changing the economics of global healthcare and improving patient outcomes," said Bruce Thomas, senior vice president, Global Market Strategy for MWV. "This acquisition is one component of our healthcare strategy in product innovation, capacity expansion, and other growth investments. We are continuing to work with retailers, including Wal-Mart, and generic and branded pharmaceutical companies to continue to bring our innovative healthcare compliance solutions to serve the fast-growing needs of the global healthcare market."
International Labs is using the MWV compliance packaging solution Shellpak® for generic and branded drug programs. Shellpak is a pre-filled medication package that can be immediately distributed to consumers, alleviating the need for pharmacists to count pills. The package's unique and efficient design integrates a foil-backed blister pack with a labeled, injection molded plastic shell, and eliminates the need for unnecessary transport packaging. The solution's expert design is proven to enhance patient outcomes by motivating and reminding patients to take medication as prescribed.
Shellpak's additional unique features that promote patience adherence and safety include:
* blisters imprinted with dosing dates and times, re-enforcing the prescribed regimen
* instructional labels attached to the package to ensure dosing information is available until the medication is completely consumed
* child safe and senior friendly* packaging and drug dispensing system
* availability of billboard space on the package offers pharmaceutical companies the opportunity to promote their drug brand and critical information, strengthening the visibility of the package on the shelf.
"As a leading resource for healthcare companies, Bilcare has unique visibility into the increasingly global healthcare market," said Mohan Bhandari, chairman and managing director of Bilcare. "We are excited about the acquisition of International Labs; our partnership with MWV will allow us to combine our global experience, primary and secondary packaging expertise, and research and development capabilities to bring compliance packaging solutions to customers throughout the world."
"Bilcare is intently focused on developing technologies that improve patient health outcomes," continued Bhandari. "For example, the recent unveiling of Bilcare's nanotechnology-based secure fingerprint is a major step toward securing the pharmaceutical product supply chain in its entirety from the manufacturer to the patient. This highly advanced technology has ability to not only secure the e-pedigree needs via a safe authentication system but also provide a wide range of business solutions."
*Shellpak passed the Consumer Product Safety Commission child resistant and senior friendly pharmaceutical packaging protocols at F=1, which is the highest level of child resistance attainable.
About MeadWestvaco Corp.
MeadWestvaco Corporation (NYSE:MWV), provides packaging solutions to many of the world’s most-admired brands in the healthcare, personal and beauty care, food, beverage, media and entertainment, and home and garden industries. The company's businesses include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the company’s land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 23,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the fourth consecutive year.
Bilcare is an international, integrated service provider to the global pharmaceutical industry offering one stop solution in pharma packaging research, global clinical trial supplies services, anti-counterfeit technology and an acclaimed research academy. Bilcare operates state-of-the-art manufacturing and research facilities in India, Singapore, US, UK and has regional offices in Brazil, Germany, China and Australia. Bilcare is committed to the 5 C’s of the industry’s key concerns viz. Counterfeit, Compliance, Costs, Communication and Convenience. For more information, please visit www.bilcare.com.
Certain statements in this document and elsewhere by management of the company that are neither reported financial results nor other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of company operations, or the performance or achievements of each company, or industry results, to differ materially from those expressed or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to, events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from the company’s ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending transactions, including divestitures; the reorganization of the company’s packaging business units; competitive pricing for the company’s products; changes in raw materials pricing; energy and other costs; fluctuations in demand and changes in production capacities; changes to economic growth in the United States and international economies; government policies and regulations, including, but not limited to those affecting the environment and the tobacco industry; the company’s continued ability to reach agreement with its unionized employees on collective bargaining agreements; the company’s ability to execute its plans to divest or otherwise realize the greater value associated with its land holdings; adverse results in current or future litigation; currency movements; and other risk factors discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2007, and in other filings made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult any further disclosures made on related subjects in the company’s reports filed with the SEC.
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MeadWestvaco Corporation (MWV)
Alison von Puschendorf
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