CVS Health and Walmart Announce New PBM Pharmacy Network Agreement
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.
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.
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