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Its fun watching all this go down! Hopefully the federal government gets involved. Interesting spin CVS is using...
http://www.pharmacistelink.com/inde...-of-prescription-drug-deal-with-Walgreen.html
In 29 days, CVS Caremark Corp. will kick Walgreen Co. out of its pharmacy benefit network because of a dispute over reimbursement rates. But CVS Caremark said Wednesday that customers won't miss much.
CVS Caremark is known for operating a drugstore chain, but it also manages a prescription drug program for 2,200 corporate clients who represent 53 million people. As a pharmacy benefit manager, CVS Caremark is responsible for processing and paying prescription drug claims and negotiating reimbursement rates with pharmacies. Many of them are also competitors, like Walgreen.
However, Walgreen is not happy with what CVS Caremark is paying. On Monday, Walgreen said it would not participate in any new or renewed CVS pharmacy benefit plans. In response, CVS Caremark sped up the separation to be effective in 29 days, which includes existing benefit plans involving Walgreen.
"We are disappointed but not surprised that CVS Caremark has taken this action," Kermit Crawford, executive vice president of pharmacy at Walgreen, said in a written statement.
"Their patent disregard for patient choice and broad access reflected in today's decision reinforces our conviction that it would not have been in the best interests of our patients, pharmacists or shareholders to grow our business with CVS Caremark."
CVS Caremark would not pinpoint its number of corporate Texas clients.
Prescription drug users will not be affected if their employer does not use CVS Caremark as its pharmacy benefit manager. Even if it does, CVS Caremark says that of its 64,000 pharmacy participants, only 7,000 are Walgreen stores.
CVS Caremark said 85.9 percent of its members have access to a network pharmacy within a 3-mile radius of where they live. When Walgreen is excluded from the network, the number changes to 85.7 percent.
Tom Ryan, chairman and chief executive of CVS Caremark, said he regrets any inconvenience the change may have for members who use Walgreen.
http://www.pharmacistelink.com/inde...-of-prescription-drug-deal-with-Walgreen.html
In 29 days, CVS Caremark Corp. will kick Walgreen Co. out of its pharmacy benefit network because of a dispute over reimbursement rates. But CVS Caremark said Wednesday that customers won't miss much.
CVS Caremark is known for operating a drugstore chain, but it also manages a prescription drug program for 2,200 corporate clients who represent 53 million people. As a pharmacy benefit manager, CVS Caremark is responsible for processing and paying prescription drug claims and negotiating reimbursement rates with pharmacies. Many of them are also competitors, like Walgreen.
However, Walgreen is not happy with what CVS Caremark is paying. On Monday, Walgreen said it would not participate in any new or renewed CVS pharmacy benefit plans. In response, CVS Caremark sped up the separation to be effective in 29 days, which includes existing benefit plans involving Walgreen.
"We are disappointed but not surprised that CVS Caremark has taken this action," Kermit Crawford, executive vice president of pharmacy at Walgreen, said in a written statement.
"Their patent disregard for patient choice and broad access reflected in today's decision reinforces our conviction that it would not have been in the best interests of our patients, pharmacists or shareholders to grow our business with CVS Caremark."
CVS Caremark would not pinpoint its number of corporate Texas clients.
Prescription drug users will not be affected if their employer does not use CVS Caremark as its pharmacy benefit manager. Even if it does, CVS Caremark says that of its 64,000 pharmacy participants, only 7,000 are Walgreen stores.
CVS Caremark said 85.9 percent of its members have access to a network pharmacy within a 3-mile radius of where they live. When Walgreen is excluded from the network, the number changes to 85.7 percent.
Tom Ryan, chairman and chief executive of CVS Caremark, said he regrets any inconvenience the change may have for members who use Walgreen.