Content about Pharmacy Benefit Management

June 22, 2011

After Walgreens made its contract dispute with Express Scripts public on Tuesday morning, the pharmacy benefit manager stated it is open to continued negotiations with Walgreens.

ST. LOUIS — After Walgreens made its contract dispute with Express Scripts public on Tuesday morning, the pharmacy benefit manager stated it is open to continued negotiations with Walgreens.

June 21, 2011

Soon after reporting double-digit earnings per share growth Tuesday morning, Walgreens announced it would forego as much as $5.3 billion in annual sales, representing some 7% of the company’s business and 90 million prescriptions, as it walks away from its relationship with pharmacy benefit manager Express Scripts.

DEERFIELD, Ill. — Soon after reporting double-digit earnings per share growth Tuesday morning, Walgreens announced it would forego as much as $5.3 billion in annual sales, representing some 7% of the company’s business and 90 million prescriptions, as it walks away from its relationship with pharmacy benefit manager Express Scripts.

Wall Street reacted badly to the news — sales of Walgreens’ stock were down more than 6% to $42 and change in mid-morning trading.

June 20, 2011

CVS Caremark will launch a pilot of a 
real-time, integrated electronic prior authorization capability, available to its pharmacy benefit management clients, to help speed access to prescription medications.


CVS Caremark will launch a pilot of a 
real-time, integrated electronic prior authorization capability, available to its pharmacy benefit management clients, to help speed access to prescription medications.


June 13, 2011

Catalyst Health Solutions on Monday announced it has completed its acquisition of Walgreens’ pharmacy benefit management subsidiary, Walgreens Health Initiatives.

ROCKVILLE, Md. — Catalyst Health Solutions on Monday announced it has completed its acquisition of Walgreens’ pharmacy benefit management subsidiary, Walgreens Health Initiatives.

“We have been pleased with the integration planning and are highly confident that the company will rapidly realize the many strategic and financial benefits of this transaction,” stated David Blair, Catalyst CEO.

June 8, 2011

Pharmacy benefit manager Medco Health Solutions is implementing a program in New Mexico designed to close such medication-related gaps in health care as nonadherence among state employees with chronic conditions, the company said Wednesday.

ALBUQUERQUE, N.M. — Pharmacy benefit manager Medco Health Solutions is implementing a program in New Mexico designed to close such medication-related gaps in health care as nonadherence among state employees with chronic conditions, the company said Wednesday.

June 8, 2011

Moody's Investors Service compared the three largest pharmacy benefit managers — CVS Caremark, Express Scripts and Medco Health Solutions — in a report issued Tuesday. While it maintained a positive view of all three, it gave CVS Caremark the highest credit rating.

NEW YORK — Moody's Investors Service compared the three largest pharmacy benefit managers — CVS Caremark, Express Scripts and Medco Health Solutions — in a report issued Tuesday. While it maintained a positive view of all three, it gave CVS Caremark the highest credit rating.

"CVS Caremark has the highest credit rating of the three companies and is the only one with a retail pharmacy business, providing it with size and diversity that offset financial metrics that are weaker than the company's PBM peers," the report stated.

June 3, 2011

CVS Caremark has donated approximately $40,000 in monetary and in-kind donations to support residents of Joplin, Mo., including some of the company's pharmacy benefit manager clients and their members who were impacted by the recent tornado, the company announced on Friday.

WOONSOCKET, R.I. — CVS Caremark has donated approximately $40,000 in monetary and in-kind donations to support residents of Joplin, Mo., including some of the company's pharmacy benefit manager clients and their members who were impacted by the recent tornado, the company announced on Friday.

CVS Caremark and CVS/pharmacy colleagues in the region collected and donated first aid and personal care supplies valued at approximately $35,000 to local relief efforts in Joplin. In addition, CVS Caremark has made a $5,000 donation to the American Red Cross.

June 3, 2011

Why is the news that CVS Caremark has secured the mail-order and specialty prescription drug benefit for Federal Employee Program so important? Well, some pundits might say there is no indication that the integrated retail-pharmacy benefit manager model had anything to do with why FEP chose Caremark over Medco. It doesn't matter. As any football coach would say, "A win's a win," and this is a big one.

WHAT IT MEANS AND WHY IT'S IMPORTANT — Why is the news that CVS Caremark has secured the mail-order and specialty prescription drug benefit for Federal Employee Program so important? Well, some pundits might say there is no indication that the integrated retail-pharmacy benefit manager model had anything to do with why FEP chose Caremark over Medco. It doesn't matter. As any football coach would say, "A win's a win," and this is a big one.

May 31, 2011

In a major win for its pharmacy benefit management business, CVS Caremark will handle the $3 billion mail-order and specialty prescription drug benefit for the Federal Employee Program starting January 2012, which, for the last three years, had been handled by rival Medco Health Solutions.

WOONSOCKET, R.I. — In a major win for its pharmacy benefit management business, CVS Caremark will handle the $3 billion mail-order and specialty prescription drug benefit for the Federal Employee Program starting January 2012, which, for the last three years, had been handled by rival Medco Health Solutions.

May 19, 2011

Telecommunications provider Verizon Wireless and pharmacy benefit manager Medco Health Solutions have unveiled a mobile application that the companies said would allow patients and their doctors to instantly find the lowest-cost prescription drugs to meet their health needs and identify potentially harmful drug interactions.

FRANKLIN LAKES, N.J. — Telecommunications provider Verizon Wireless and pharmacy benefit manager Medco Health Solutions have unveiled a mobile application that the companies said would allow patients and their doctors to instantly find the lowest-cost prescription drugs to meet their health needs and identify potentially harmful drug interactions.

May 18, 2011

Cancer drugs are expected to see sharp increases in spending and use by 2013, according to the latest drug trend report by pharmacy benefit manager Medco Health Solutions.

ORLANDO, Fla. — Cancer drugs are expected to see sharp increases in spending and use by 2013, according to the latest drug trend report by pharmacy benefit manager Medco Health Solutions.

The overall drug trend for 2010 was 3.7%, lowered by higher rates of generic drug dispensing; more than 71% of drugs dispensed were generics. Specialty drugs, mostly branded biologics, accounted for 70.1% of the overall drug trend, with especially strong growth in cancer drugs, whose drug trend reached 21.2%.

May 17, 2011

The National Community Pharmacists Association on Tuesday endorsed the Community Pharmacy Fairness Act of 2011 (H.R. 1839), legislation recently introduced in the House of Representatives by Rep. Anthony Weiner, D-N.Y.

ALEXANDRIA, Va. — The National Community Pharmacists Association on Tuesday endorsed the Community Pharmacy Fairness Act of 2011 (H.R. 1839), legislation recently introduced in the House of Representatives by Rep. Anthony Weiner, D-N.Y.

If passed, the bill will create a more competitive marketplace for the delivery of pharmacy services by enhancing the ability of independent community pharmacies to negotiate with pharmacy benefit managers, the association stated.

May 11, 2011

CVS Caremark’s annual meeting of stockholders held Wednesday morning was an emotional and momentous occasion for the company as it marked the official retirement of Tom Ryan, former chairman and CEO, and the beginning of a new chapter as Larry Merlo takes the reigns as CEO.

WOONSOCKET, R.I. — CVS Caremark’s annual meeting of stockholders held Wednesday morning was an emotional and momentous occasion for the company as it marked the official retirement of Tom Ryan, former chairman and CEO, and the beginning of a new chapter as Larry Merlo takes the reigns as CEO.

May 11, 2011

Pharmacy benefit manager Medco’s research arm is teaming up with personalized medicine and pharmacogenetics company AssureRx Health in a pilot program to evaluate adherence and medical care utilization among patients taking antidepressants and antipsychotics.

FRANKLIN LAKES, N.J. — Pharmacy benefit manager Medco’s research arm is teaming up with personalized medicine and pharmacogenetics company AssureRx Health in a pilot program to evaluate adherence and medical care utilization among patients taking antidepressants and antipsychotics.

May 3, 2011

In an effort to further enhance the online experience for its pharmacy benefit management members, CVS Caremark announced it has relaunched Caremark.com.

WOONSOCKET, R.I. — In an effort to further enhance the online experience for its pharmacy benefit management members, CVS Caremark announced it has relaunched Caremark.com.

The updated website, which boasts improved navigation and easy-to-understand language, is enhanced to provide PBM members a comprehensive destination site that allows them to easily manage their prescription benefits.

Caremark.com also sports such new features as:

April 28, 2011

Mississippi Gov. Haley Barbour recently signed into law the Mississippi Pharmacy Practice Act, which establishes oversight of pharmacy benefit managers (defined as nonresident pharmacies) by the Mississippi Board of Pharmacy.

ALEXANDRIA, Va. — Mississippi Gov. Haley Barbour recently signed into law the Mississippi Pharmacy Practice Act, which establishes oversight of pharmacy benefit managers (defined as nonresident pharmacies) by the Mississippi Board of Pharmacy.

The law goes into effect July 1.

April 26, 2011

An organization representing the nation's pharmacy benefit managers said that mail-service pharmacies are increasing the use of generic medications.

WASHINGTON — An organization representing the nation's pharmacy benefit managers said that mail-service pharmacies are increasing the use of generic medications.

The Pharmaceutical Care Management Association issued a statement on Tuesday claiming that mail-service pharmacies leverage generic opportunities for savings, adding that there is no marked difference in the generic dispensing rate between mail-service pharmacy and retail pharmacy.

April 25, 2011

With a new leader at the helm, a robust management team in place and an unwavering focus on driving medication adherence and reducing healthcare costs, CVS Caremark remains squarely on the growth path and continues to play an increasingly important role in U.S. health care with its far-reaching store network and arsenal of products and services.


April 15, 2011

CVS Caremark announced on Friday that it has agreed to pay $17.5 million, to be allocated among the federal government and 10 participating states, to resolve a civil complaint concerning how its CVS/pharmacy retail pharmacies submitted reimbursement claims in certain states for prescriptions filled for "dual eligible" patients who have coverage under both Medicaid and a third-party insurance plan.

WOONSOCKET, R.I. — CVS Caremark announced on Friday that it has agreed to pay $17.5 million, to be allocated among the federal government and 10 participating states, to resolve a civil complaint concerning how its CVS/pharmacy retail pharmacies submitted reimbursement claims in certain states for prescriptions filled for "dual eligible" patients who have coverage under both Medicaid and a third-party insurance plan.

April 14, 2011

CVS Caremark has unveiled a new medical benefit drug management service for its pharmacy benefit manager and specialty pharmacy clients.

WOONSOCKET, R.I. — CVS Caremark has unveiled a new medical benefit drug management service for its pharmacy benefit manager and specialty pharmacy clients.

April 14, 2011

Despite a difficult economy and rising health costs, the benefits of an integrated pharmacy service were evident as CVS Caremark helped its pharmacy benefit manager clients — employers, health plans and third-party administrators — manage pharmacy costs, according to the company's annual "Insights Report."

WOONSOCKET, R.I. — Despite a difficult economy and rising health costs, the benefits of an integrated pharmacy service were evident as CVS Caremark helped its pharmacy benefit manager clients — employers, health plans and third-party administrators — manage pharmacy costs, according to the company's annual "Insights Report."

April 12, 2011

Pharmacy benefit manager SXC Health Solutions will acquire “substantially all” assets of Worcester, Mass.-based PBM MedMetrics Health Partners, SXC said Tuesday.

LISLE, Ill. — Pharmacy benefit manager SXC Health Solutions will acquire “substantially all” assets of Worcester, Mass.-based PBM MedMetrics Health Partners, SXC said Tuesday.

The companies expect the acquisition to be completed in second quarter 2011. Financial terms were not disclosed. MedMetrics manages about $200 million in annual drug spend.

March 29, 2011

Catalyst Health Solutions and Walgreens on Monday announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

ROCKVILLE, Md. — Catalyst Health Solutions and Walgreens on Monday announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with Catalyst’s previously announced proposed acquisition of Walgreens Health Initiatives, the pharmacy benefit management subsidiary of Walgreens.

Completion of the proposed acquisition remains subject to other closing conditions. The companies continue to expect to complete the transaction in the first half of 2011.

March 29, 2011

CVS Caremark has named Helena Foulkes, who is widely regarded as one of the most visionary marketers in modern drug store retailing, to the newly created position of EVP and chief healthcare strategy and marketing officer.

WOONSOCKET, R.I. — CVS Caremark has named Helena Foulkes, who is widely regarded as one of the most visionary marketers in modern drug store retailing, to the newly created position of EVP and chief healthcare strategy and marketing officer.

In the new role, Foulkes will bring together the company's capabilities in enterprise branding, communications, community relations, charitable giving, healthcare-reform strategy, government relations and marketing into one integrated organization in an effort to deliver even better business results and stronger partnerships.

March 25, 2011

A group representing specialty pharmacies is calling on the Department of Defense to not use exclusive networks in the Tricare pharmacy program.

NEW YORK — A group representing specialty pharmacies is calling on the Department of Defense to not use exclusive networks in the Tricare pharmacy program.

The Independent Specialty Pharmacy Coalition said exclusive arrangements for the program, also known as TPharm, were anti-competitive and harmful to patients who rely on specialty care by reducing patient choice and disrupting the continuum of care for them, and that reductions in pharmaceutical costs would not necessarily reduce overall healthcare spending.