PAREXEL APPOINTS CHARLES A. STEVENS AS VICE PRESIDENT/GENERAL MANAGER OF HEALTH POLICY AND STRATEGIC REIMBURSEMENT AND STRENGTHENS CAPABILITIES
BOSTON, MA, December 10, 2007 – PAREXEL International (NASDAQ: PRXL) has appointed Charles A. Stevens as Vice President and General Manager of Health Policy and Strategic Reimbursement Services, a unit based in the Washington, D.C. area. Mr. Stevens leads a team of experts dedicated to helping PAREXEL’s clients provide solutions to ensure patients have access to the medicines and therapies they require. His responsibilities include managing reimbursement service and patient assistance programs. Mr. Stevens oversees the Company’s reimbursement strategy consulting practice, which is focused on helping clients navigate complexities of the ever changing healthcare payment system.
“As the biopharmaceutical industry undergoes market changes impacted by healthcare reform, new regulations, and changes in the area of reimbursement, we are meeting those needs with expanded capabilities,” said Kurt Brykman, President of PAREXEL Consulting and Medical Communications Services at PAREXEL International. “We expect that the in-depth expertise and leadership Mr. Stevens brings to PAREXEL will further strengthen our ability to provide an increasing role in helping our clients to realize success in the area of reimbursement.”
“I look forward to contributing my experience to helping our clients adopt the necessary strategies and transform their business models in order to provide optimal patient access to therapies,” said Charles Stevens, Vice President and General Manager of Health Policy and Strategic Reimbursement Services, PAREXEL. “It is critical in this environment that biopharmaceutical and medical device companies demonstrate product value in new ways and develop reimbursement strategies early in a product’s development process and clinical trial design.”
Mr. Stevens has more than 17 years of pharmaceutical and biotechnology industry experience. Prior to joining PAREXEL, Mr. Stevens held senior level reimbursement positions at Cephalon and Cell Therapeutics and sales positions at Genetics Institute and Abbott Laboratories. He has provided guidance on navigating through various aspects of the Medicare Modernization Act of 2003, including Medicare Part D, as well as numerous private payer policy changes. Mr. Stevens has significant experience in providing strategic reimbursement direction for products, whether they are administered by a healthcare professional (HCP administered) or self-administered. His expertise includes a broad range of therapeutic areas, including oncology, HIV/AIDS, addiction medicine, hormone replacement therapy, gastroenterology, and urology. Mr. Stevens holds a Bachelor’s degree from Northeastern University, an MBA from Clark University, and earned his Juris Doctor Degree from Suffolk University Law School in Boston, Massachusetts. He attended the Massachusetts Senior Executive Program at Harvard University’s John F. Kennedy School of Government, and has been admitted to the Massachusetts Bar.
PAREXEL’s Health Policy and Strategic Reimbursement Services include:
- Developing payer strategies for all phases of a product’s life cycle, from pre-launch through commercialization
- Reviewing public and private payer coverage policies
- Handling Healthcare Common Procedure Coding System (HCPCS) analysis and application submission
- Developing strategies to ensure that product pricing and value align with payer expectations
- Implementing tactical plans designed to improve patient access to care and save costs
- Optimizing product distribution systems to align with market and payer needs
- Providing product reimbursement help lines
- Managing patient assistance programs and alternative funding solutions
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About PAREXEL International
PAREXEL International Corporation is a leading global bio/pharmaceutical services organization, providing a broad range of knowledge-based contract research, medical communications and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 64 locations throughout 51 countries around the world,and has approximately 7,000 employees. For more information about PAREXEL International visit www.PAREXEL.com.
This release contains "forward-looking" statements regarding future results and events. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," “estimates,” “projects,” “targets,” and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company’s recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; the impact on the Company’s business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2007 as filed with the SEC on November 7, 2007, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.
PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of their respective business and are hereby acknowledged.