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Executive Summary

HOSPITAL CORPORATION OF AMERICA EXPANDING CONTRACT CLINICAL TRIALS BUSINESS through a joint venture agreement with Ireland-based Institute of Clinical Pharmacology (ICP). The two firms said in a Jan. 22 press release that "HCA will form a partnership with . . . ICP for the purpose of conducting extensive and complex clinical trials using HCA's network of hospitals, physicians, and affiliated health care businesses." Dr. Ian Brick, chief operating officer of ICP's U.S. operations and senior VP of ICP, explained: "An increasing number of pharmaceutical companies are seeking the services of independent clinical management companies to expedite the evaluation of potentially important new therapies or new drug delivery systems. . . This joint venture will give us the resources to respond to this expanding market." The partnership's headquarters will be in Nashville, home of HCA. The largest forprofit U.S. hospital chain, HCA will contribute its medical research facility, HCA Medical Research Co., Inc., which conducts research for pharmaceutical companies in more than 50 hospitals in the HCA network. The medical research subsidiary currently has more than 15 clinical research contracts with 10 client companies. In addition, HCA will provide approximately $2.6 mil. for the joint U.S. venture and will hold a 20% interest with the option of purchasing 51% of ICP stock at terms to be agreed upon. ICP will contribute its worldwide businesses, which serve pharmaceutical clients in the U.S., U.K., Ireland, and Japan. The publicly held company initially will own an 80% interest in the partnership.

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