WOONSOCKET, R.I. and
BENTONVILLE, Ark., Jan. 18, 2019 /PRNewswire/ -- 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.
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.
About Walmart
Walmart Inc. (NYSE: WMT) helps people
around the world save money and live better - anytime and anywhere
– in retail stores, online, and through their mobile devices. Each
week, nearly 265 million customers and members visit our more than
11,200 stores under 55 banners in 27 countries and eCommerce
websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs over 2.2 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by visiting
http://corporate.walmart.com, on Facebook at
http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
CVS Health
Contacts
|
Walmart
Contacts
|
Christine
Cramer
|
Marilee
McInnis
|
CVS
Health
|
Walmart Media
Relations
|
Corporate
Communications
|
1-800-331-0085
|
(401)
770-3317
|
news.walmart.com/reporter
|
christine.cramer@cvshealth.com
|
|
|
|
Mike
McGuire
|
Dan Binder
|
CVS
Health
|
Walmart
|
Investor
Relations
|
Investor
Relations
|
(401)
770-4050
|
479-258-7172
|
michael.mcguire@cvshealth.com
|
Daniel.Binder@walmart.com
|
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SOURCE CVS Health; Walmart