The Globe and Mail reports in its Monday edition that Express Scripts Holding Co. is the largest pharmacy benefit management company in North America. The Globe's guest columnist Michael McCloskey writes that Express Scripts Holding serves thousands of clients including managed-care organizations, insurance carriers, employers, third party administrators, public sector and union-sponsored benefit plans. The industry is one that most people are unfamiliar with, says Mr. McCloskey. Pharmacy benefit management services include claims processing, home delivery services and benefit-design consultation, among others. Mr. McCloskey says the long-term fundamentals of the pharmacy benefit management industry are attractive. He says the biggest risk Express Script faces is losing clients at renewal to a competitor, such as Catamaran ($50.15). Mr. McCloskey notes that contracts are typically put out to bid at renewal. However, he suspects that the request for proposal process is largely used as a means of keeping the incumbent's pricing in check. Client retention rates routinely exceed 95 per cent and Mr. McCloskey expects Express Scripts to reach or exceed that historical rate again.