Arcadia announces new identity, headquarters, product line
INDIANAPOLIS Arcadia Resources has revealed a new brand identity, Arcadia HealthCare, and announced that it will be relocating its national headquarters to Indianapolis‹setting the stage for the national launch of its DailyMed consumer product line.
Arcadia HealthCare is a provider of home care services and products and an operator of in-store health clinics. Earlier this year, the company snapped up PrairieStone Pharmacy.
“This brand identity will help provide greater visibility in the marketplace to our innovative health care solutions and services, such as pharmacy management, our DailyMed prescription compliance program, medical staffing and licensed clinics,” explained Marvin Richardson, Arcadia’s president and chief executive officer.
The company’s formal corporate name, Arcadia Resources, as well as the company’s stock symbol, KAD, remain unchanged.
Meanwhile, Arcadia is working to relocate its Southfield, Mich., corporate headquarters to Indianapolis’ north side and will begin hiring managers, pharmacists, pharmacy technicians and sales staff later this year. The company plans to hire more than 400 new employees by 2010.
Arcadia also is working to promote DailyMed, which is a retail drug packaging solution that pre-sorts multiple prescriptions, OTC medications and vitamins into easy-to-use single-dose packets.
The company is working with Indiana’s Family & Social Services Administration via its Options Program, as well as its Community Actions Agencies and the Area Agencies on Aging to promote DailyMed to about 100,000 Medicaid recipients. In addition, about 1.7 million Hoosiers enrolled in Medicare will be informed about DailyMed through a direct-to-consumer campaign on health and wellness.
“The statewide DailyMed initiative will allow us to jump start our national launch, which we anticipate will occur in April 2008. Based on metrics from our successful rollout in the Minneapolis St. Paul Metroplex, we estimate this Indiana initiative should represent $40 million in incremental revenues in fiscal 2009 ending March 31, 2009, a 30 percent increase in company revenue,” stated Richardson. “We also expect some revenue growth in the balance of fiscal 2008 ending March 31, 2008 as we implement the program beginning in November 2007.”
The move is accompanied by clinical trial with the Purdue University School of Pharmacy and Pharmaceutical Sciences, of West Lafayette, Ind. The trial will examine prescription drug compliance among current DailyMed users. The objective of the study, according to the company, is to demonstrate that DailyMed can improve a person’s ability to adhere to a prescription drug regimen, thus reducing other medical and healthcare costs associated with medication errors and non-compliance. Nationally, medication-related problems create more than $177.4 billion in avoidable health care costs, according to the American Society of Consultant Pharmacists.