CVS Health issued the following announcement on Jan. 18.
CVS Health (NYSE: CVS) and Walmart (NYSE: WMT) today announced the companies have reached a multi-year agreement on terms under which Walmart will continue participating in the CVS Caremark pharmacy benefit management (PBM) commercial and Managed Medicaid retail pharmacy networks. The companies are not disclosing the financial terms of the new contract.
"We are very pleased to have reached a mutually agreeable solution with Walmart. As a PBM, our top priority is to help our clients and consumers lower their pharmacy costs," said Derica Rice, President, CVS Caremark, the PBM business of CVS Health. "This new agreement accomplishes our top priority and enables Walmart to continue participating in CVS Caremark's commercial and Managed Medicaid pharmacy networks and provides enhanced network stability for our clients and their members."
"We are pleased to have reached fair and equitable terms with CVS Caremark that are in the best interest of our customers, and we are glad our CVS Caremark customers will be able to continue saving money and living better," said Sean Slovenski, Senior Vice President, Walmart Health and Wellness. "We believe in putting our customers first by providing value and keeping our everyday low-price promise."
With the continuing participation of Walmart, the CVS Caremark national pharmacy network will have nearly 68,000 participating pharmacies for members to choose from, including independently-owned, community-based pharmacies, other local pharmacies in grocery stores and mass merchants, as well as regional and national chains.
Walmart and CVS Health already have an existing agreement in place for Walmart's participation in the CVS Caremark Medicare Part D pharmacy network. In addition, Walmart's Sam's Club division has an existing agreement to participate in the CVS Caremark pharmacy networks.
As a PBM CVS Caremark works hard to bring down the cost of drugs for clients and members through the implementation of highly effective clinical programs, innovative purchasing and formulary design and enhanced data analytics.
Walmart is committed to providing affordable healthcare through innovative programs like its $4 generic drug price program that lowered the cost of healthcare for millions of Americans. Walmart also gives communities across the nation access to convenient, quality healthcare by offering clinical services such as low-cost immunizations and medication counseling by Walmart Pharmacists, who are there to assist customers on their healthcare journey.
Original source can be found here.