Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance > Health Insurance

Walgreens Breaks Up With CVS Caremark

Your article was successfully shared with the contacts you provided.

Walgreen Company, the parent of the Walgreens drugstore chain, says it will no longer participate in any new or renewed prescription drug plans managed by the CVS Caremark pharmacy benefit manager.

Walgreens, Deerfield, Ill., has concluded that the partnership is no longer in the best interest of its customers, pharmacists, and shareholders, the company says. Walgreens will continue to participate in CVS Caremark plans that are already in place.

Walgreens says it gets too little information when CVS Caremark, a unit of CVS Corp., Woonsocket, R.I., transfers a plan from one CVS pharmacy network to another, differently priced network.

The overall unpredictability of reimbursement rates also contributed to the decision, Walgreens says.

“We have come to feel that CVS Caremark’s pharmacy benefit management practices are inconsistent with the value we provide as the largest pharmacy provider in its network,” says Kermit Crawford, Walgreens executive vice president of pharmacy.

Walgreens has about 7,500 drug stores in the United States.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.