WOONSOCKET, R.I. — Aetna Inc. has agreed to use CVS Caremark Corp. to provide pharmacy benefit management services to its 9.7 million members for the next 12 years.

“We are very pleased to be working with Aetna, and we believe our integrated approach and multichannel platform will help Aetna deliver exceptional results for its clients and members,” CVS Caremark chairman and chief executive officer Tom Ryan says.

“With our shared vision of pharmacy care, CVS Caremark and Aetna will work together to deliver quality outcomes with lower overall health care costs,” he explains. “Aetna’s selection of CVS Caremark is a testament to our integrated pharmacy care model as well as our reputation for service excellence.”

Under the terms of the agreement, Aetna will retain its PBM and manage clinical programs, protocols and oversight of its pharmacy benefits business.

CVS Caremark is expected to administer nearly $9.5 billion in annual drug spending for Aetna members. In addition, CVS Caremark will manage purchasing, inventory management and prescription fulfillment for Aetna’s mail-order and specialty pharmacy operations.

The two companies say their collaboration should deliver numerous benefits for Aetna members, including enhanced clinical capabilities, improved pricing and products, and better customer service and member experiences.

“Together, CVS Caremark and Aetna have an exciting opportunity to generate meaningful improvements in patient outcomes,” CVS Caremark executive vice president and chief medical officer Dr. Troyen Brennan says. “High-quality pharmacy care that drives adherence to essential medications has been proven to reduce overall health care costs, and we look forward to working together to make this happen for Aetna’s clients and members.”

Aetna executives say they opted to use CVS Caremark to provide PBM services because of the company’s track record of improving patients’ health and lowering the cost of care.

They add that CVS Caremark’s ability to give members access across multiple channels — face-to-face counseling at retail pharmacies and MinuteClinic locations, online, by phone, and through specialty and mail-service pharmacy support — and its state-of-the-art pharmacy platforms also influenced their decision.

“We worked hard to construct a strategic solution that enhances our value proposition in the marketplace in a way that creates a durable competitive advantage for Aetna and long-term value for our shareholders,” Aetna chairman and chief executive officer Ronald Williams says. “Through this strategic agreement, we retain our PBM and our ability to integrate medical care with clinical and pharmacy programs and actionable data. We will add CVS Caremark’s best-in-class clinical capabilities and broad market reach, enabling us to deliver better drug discounts and improved pricing and service to our customers.”