WOONSOCKET, R.I., Jan. 15, 2019 /PRNewswire/ -- CVS Health (NYSE:
CVS) announced today that Walmart has opted to leave the CVS
Caremark pharmacy benefit management (PBM) commercial and Managed
Medicaid retail pharmacy networks. Such a transition must place
patient care as the highest priority and, as such, CVS Caremark has
requested that Walmart continue to fill prescriptions as an in
network participating pharmacy through April
30, 2019. This transition does not impact Walmart's
participation in the CVS Caremark Medicare Part D pharmacy network.
In addition, Walmart's Sam's Club division remains in the CVS
Caremark pharmacy networks. Walmart's termination from the CVS
Caremark commercial and Managed Medicaid retail pharmacy
networks is not expected to have a material impact on the financial
results of the Company in 2019.
"At a time when everyone is working hard to find ways to reduce
health care costs, Walmart's requested rates would ultimately
result in higher costs for our clients and consumers," said
Derica Rice, President, CVS
Caremark, the pharmacy benefit management business of CVS Health.
"While we have enjoyed a long relationship with Walmart as a low
cost provider in our broad national networks, based on our
commitment to helping our clients and consumers manage rising
pharmacy costs, we simply could not agree to their recent demands
for an increase in reimbursement."
Ensuring Members Have Access to Medication
Our focus
now is an orderly transition for any impacted plan members and
ensuring we place patient care as our highest priority. With
continuity of care in mind, we have requested that Walmart continue
to fill prescriptions as an in network participating pharmacy
through April 30, 2019. We continue to work with Walmart to align on that
timing. CVS Caremark's priority will be to ensure
members do not have a disruption in therapy and that their
transition to a new pharmacy is simple and easy. Members affected
by this network change will be notified and will have access to
information to help them identify nearby in-network pharmacies
where they can fill their prescriptions, including
independently-owned, community-based pharmacies, other local
pharmacies in grocery stores and mass merchants, as well as
regional and national chains.
Currently, less than 5 percent of affected CVS Caremark members
use Walmart exclusively to fill their prescriptions. The retail
pharmacy network is well-positioned, even without Walmart, to
provide members with access to a local pharmacy. With more than
63,000 other pharmacies that will remain in the CVS Caremark
national pharmacy network, the network continues to exceed
industry benchmarks with regards to network pharmacy access by a
significant margin without Walmart. In fact, the average distance
that a member would need to travel to reach an in-network pharmacy,
without Walmart in the network, remains virtually unchanged.
"As CVS Caremark begins to prepare clients and members for a
transition," said Rice, "we are hopeful that Walmart will agree to
work amicably with us in the best interest of patients. CVS
Caremark's priority is to ensure that patients continue to have
access to their medications during this transition period. We also
remain open to continuing timely good faith negotiations with
Walmart in the hopes of reaching an agreement to provide quality
pharmacy care at a reasonable cost."
About CVS Health
CVS Health is the nation's premier
health innovation company helping people on their path to better
health. Whether in one of its pharmacies or through its health
services and plans, CVS Health is pioneering a bold new approach to
total health by making quality care more affordable, accessible,
simple and seamless. CVS Health is community-based and locally
focused, engaging consumers with the care they need when and where
they need it. The Company has more than 9,800 retail locations,
approximately 1,100 walk-in medical clinics, a leading pharmacy
benefits manager with approximately 93 million plan members, a
dedicated senior pharmacy care business serving more than one
million patients per year, expanding specialty pharmacy services,
and a leading stand-alone Medicare Part D prescription drug plan.
CVS Health also serves an estimated 39 million people through
traditional, voluntary and consumer-directed health insurance
products and related services, including a rapidly expanding
Medicare Advantage offering. This innovative health care model
increases access to quality care, delivers better health outcomes
and lowers overall health care costs. Find more information about
how CVS Health is shaping the future of health
at https://www.cvshealth.com.
Media
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CVS
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SOURCE CVS Health