PCS Health Systems

PCS Health Systems was a pioneering pharmacy benefit management (PBM) company that specialized in prescription drug claim processing and clinical management services. Founded in 1969 as Pharmaceutical Card System, it became a central player in the healthcare industry by managing drug benefits for millions of covered lives through its innovative RECAP real-time electronic claims technology. The company is historically significant for its series of high-profile corporate transactions, including a $4.1 billion acquisition by Eli Lilly in 1994 and a subsequent sale to Rite Aid in 1999. PCS eventually merged with Advance Paradigm in 2000 to form AdvancePCS, which was later acquired by Caremark and integrated into what is now CVS Health.