SXC is both a pharmacy benefits manager (PBM) and a service provider to PBMs. With some $72 billion in branded drugs losing patent protection in the next five years, sales of generic alternatives are likely to rise. SXC's PBM unit, which acts as middleman between the insurance company and the pharmacy, could be the beneficiary: It makes more money each time a person uses a generic drug rather than a branded drug. Health care reform also means more people will be covered by Medicaid, which could benefit both of SXC's business lines.

SXC also stands to gain from growth in the use of specialty drugs like those for rheumatoid arthritis. SXC expanded its contract with one of its clients, HealthSpring, which focuses on specialty drugs, and acquired MedFusionRx, a specialty pharmacy provider, in December.