Inside This Issue - News
CVS Caremark gets major PBM contract
June 27th, 2011
WOONSOCKET, R.I. – CVS Caremark Corp. has been awarded a three-year contract to provide integrated pharmacy benefit services for the Blue Cross and Blue Shield Government-wide Service Benefit Plan, also known as the Federal Employee Program (FEP).
CVS Caremark will continue to provide FEP’s clinical programs and retail pharmacy benefit management services and, beginning in 2012, provide mail-order pharmacy services and specialty pharmacy services to FEP’s more than 5 million federal employees, retirees and dependents.
“We are gratified that FEP has recognized that CVS Caremark’s unique integrated model for pharmacy care provides the best overall value and offers the plan members innovative, cost-effective pharmacy benefit management services that improve health outcomes,” says president and chief executive officer Larry Merlo.
CVS Caremark has been administering FEP’s retail pharmacy benefit management program since 1993. The contract had been extended through the end of 2011. The new agreement, which runs through 2014, brings the relationship between CVS Caremark and FEP to more than 20 years.
“FEP is a highly valued client, and we are committed to continuing to deliver the same high level of service and patient satisfaction that we have provided to FEP’s federal employees, retirees and their families for many years,” states Per Lofberg, president of CVS Caremark’s pharmacy benefit management business.
CVS Caremark outbid Medco Health Solutions for what has been described as a multibillion-dollar contract. Medco will provide the mail-order services until the current FEP pact expires on December 31.
CVS Caremark is considered a market leader in mail-order pharmacy, retail pharmacy, specialty pharmacy and retail clinics and is a provider of Medicare Part D Prescription Drug Plans. It provides access to a network of about 65,000 pharmacies.