Catamaran Corp.
Catamaran Corp. was an independent pharmacy benefit manager (PBM) serving Medicare Part D insurers and health plans with formulary management, pharmacy network administration, and prescription claims processing until its 2015 acquisition by UnitedHealth Group.
- Company typePrivate
- Founded1981
- HeadquartersSchaumburg, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Catamaran Corp. does
Catamaran Corp. was a Schaumburg, Illinois-based pharmacy benefit manager (PBM) founded in 1981 that processed prescription drug claims, administered pharmacy networks, and managed formularies on behalf of health insurers, with a primary focus on Medicare Part D health plans and non-integrated commercial payers. The company's core product was its PBM services platform, which handled formulary design, drug utilization review, pharmacy network negotiation, and claims adjudication as a contracted enterprise service for health-plan clients. Catamaran positioned itself as an independent alternative to the vertically integrated, insurer-owned PBMs that dominated the rest of the market — a positioning that made it the last major independent PBM before its 2015 acquisition by UnitedHealth Group.
The business model was enterprise B2B, with revenue generated through recurring contractual arrangements with Medicare Part D insurers and health plans for prescription benefit administration; specific pricing was not publicly disclosed. Growth was driven primarily through M&A: Catamaran acquired National Medical Health Card in 2008, HealthTrans for approximately $250 million in 2012, Salveo Specialty Pharmacy for approximately $260 million in 2014, and Healthcare Solutions in early 2015, broadening capabilities from core claims processing into specialty pharmacy distribution and care management. Following the 2015 UnitedHealth transaction, Catamaran ceased to operate as an independent company, and the proportion of Medicare Part D beneficiaries covered by insurers with integrated PBMs rose from roughly 30% in 2010 to 80% by 2018, with non-integrated plan enrollees reportedly absorbing a ~42% premium increase as a downstream consequence.
Catamaran Corp. firmographics
Firmographics- Name
- Catamaran Corp.
- Website
- https://catamaranrx.com
- Company type
- Private
- Founded year
- 1981
- Operating status
- Acquired
- Headcount range
- 1,001–5,000 employees
- Short description
- Catamaran Corp. was an independent pharmacy benefit manager (PBM) serving Medicare Part D insurers and health plans with formulary management, pharmacy network administration, and prescription claims processing until its 2015 acquisition by UnitedHealth Group.
- Ownership category
- akta.pro rank
Catamaran Corp. industry classification
Industry- Product category
- Pharmacy Benefit Management
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)
- SIC
- Hospital & Medical Service Plans (6324)
- akta.pro primary industry
- Pharmacy Benefit Management (PBM) & Pharmacy Network Administration (HLAFALAI)
Keywords
Where Catamaran Corp. is headquartered
LocationHeadquarters
- HQ city
- Schaumburg
- HQ country
- United States
- HQ region
- North America
Markets served
Catamaran Corp. business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- PBM Services: Catamaran provided pharmacy benefit management services to Medicare Part D insurers and health plans, generating revenue through contractual arrangements with health insurers and prescription drug claims processing.
Go-to-market motion1 record
Distribution channels1 record
Catamaran Corp. product offering
Product offeringCore offering
Catamaran Corp. provided pharmacy benefit management (PBM) services to Medicare Part D insurers and commercial health plans, including prescription drug claims processing, formulary development and management, pharmacy network negotiation and administration, and drug utilization review. The company operated as the last major independent PBM before its acquisition by UnitedHealth in 2015.
Product overview
Catamaran Corp. was a pharmacy benefit management (PBM) company that served as the last major independent PBM before its acquisition by UnitedHealth in 2015. The company provided prescription drug benefit management services including formulary management, pharmacy network management, and claims processing for Medicare Part D and commercial health plans.
Differentiator
Problem solved
Functional benefit
Products and services
- Pharmacy Benefit Management (PBM) Services
Companies that use Catamaran Corp.
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles1 record
Catamaran Corp. technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Catamaran Corp. partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- UnitedHealth GroupcoreUnitedHealth Group acquired Catamaran Corp. in 2015 in a landmark transaction that marked the end of major independent pharmacy benefit managers. This acquisition forced non-integrated insurers to either contract with the rival-owned PBM or forfeit coverage, significantly impacting the competitive landscape of the Medicare Part D market.
Scale indicators3 records
Recent moves5 records
Expansion highlights4 records
Catamaran Corp. competitors and assessment
Company assessmentDirect peers
- Express Scripts: Was the largest U.S. PBM before being acquired by Cigna; directly comparable to Catamaran as a PBM serving health plans and payers with formulary management, claims processing, and pharmacy network administration.
- CVS Caremark: The PBM arm of CVS Health; offers the same pharmacy benefit management, formulary, and network services to health plans as Catamaran and represents the largest vertically integrated PBM-payor competitor.
- OptumRx: UnitedHealth Group's PBM and Catamaran's ultimate acquirer; provides essentially the same PBM services to Medicare, commercial, and specialty populations, making it the closest functional and customer overlap.
- Humana Pharmacy Solutions: Integrated PBM of Humana, a major Medicare Advantage payer; competes head-to-head with Catamaran in Medicare Part D benefit administration and pharmacy network services.
- Magellan Rx Management: PBM and specialty pharmacy management business serving health plans and employers; comparable to Catamaran in offering commercial and government program PBM services, including specialty drug management.
- MedImpact Healthcare Systems: Independent PBM serving health plans, employers, and government programs with claims processing, formulary management, and pharmacy network services — directly mirroring Catamaran's independent model.
- Prime Therapeutics: PBM owned by a consortium of Blue Cross and Blue Shield plans; offers PBM services to payer clients in a model analogous to Catamaran's Medicare Part D and commercial book.
- Elixir Rx Solutions: PBM (formerly EnvisionRx) serving health plans and employer groups; comparable to Catamaran in claims processing, formulary management, and pharmacy network administration across commercial and Medicare lives.
Market position
Strengths3 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Catamaran Corp. social profiles
Digital presenceCatamaran Corp. financial estimates
Financial estimateRevenue estimate
Valuation estimate
Catamaran Corp. leadership team
Management profileNumber of profiles
Catamaran Corp. funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Catamaran Corp. M&A and investment
M&A and investmentM&A4 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Catamaran Corp.
What does Catamaran Corp. do?
Catamaran Corp. provided pharmacy benefit management (PBM) services to Medicare Part D insurers and commercial health plans, including prescription drug claims processing, formulary development and management, pharmacy network negotiation and administration, and drug utilization review. The company operated as the last major independent PBM before its acquisition by UnitedHealth in 2015.
Is Catamaran Corp. a public or private company?
Catamaran Corp. is a private company. It is classified as corporate owned and is currently acquired.
When was Catamaran Corp. founded?
Catamaran Corp. was founded in 1981. It employs 1,001 to 5,000 people.
Where is Catamaran Corp. based?
Catamaran Corp. is headquartered in Schaumburg, United States, in the North America region.
How does Catamaran Corp. make money?
One revenue line is on record: PBM Services.
Who are Catamaran Corp.'s main competitors?
Direct peers on record are Express Scripts, CVS Caremark, OptumRx, Humana Pharmacy Solutions, Magellan Rx Management, MedImpact Healthcare Systems, Prime Therapeutics and Elixir Rx Solutions.
Does Catamaran Corp. have an API?
No public API is recorded for Catamaran Corp..
What industry is Catamaran Corp. in?
Catamaran Corp.'s product category is Pharmacy Benefit Management. Its primary akta.pro industry code is HLAFALAI, Pharmacy Benefit Management (PBM) & Pharmacy Network Administration. Its NAICS code is 524292 and its SIC code is 6324.