CVS says Walmart will allow its stores to continue to participate in CVS’s pharmacy networks to provide prescription drugs to patients through commercial and managed Medicaid programs. The agreement comes days after CVS announced Walmart would withdraw from its prescription networks.
Reuters: CVS, Walmart Resolve Pharmacy Contract Impasse
Walmart Inc, the world’s largest retailer, will remain part of CVS Health Corp’s network for commercial and Medicaid pharmacy customers, the companies said on Friday, breaking a contract impasse disclosed earlier this week. The companies did not provide financial terms of the new contract.
The Associated Press: Walmart, CVS Health Hammer Out New PBM Pharmacy Network Deal
CVS executive Derica Rice said in a statement Friday that the companies had reached a “mutually agreeable solution” that would allow customers with pharmacy benefits managed by CVS Health’s Caremark business to still have their prescriptions filled at Walmart locations. CVS and Walmart didn’t disclose the terms of their new deal. They also didn’t say what changed since Tuesday, when CVS said Walmart’s requested rates would lead to higher costs for its customers. (1/18)
The Wall Street Journal: CVS Health Settles Pricing Fight With Walmart
The companies’ dispute centered on pricing, an area where PBMs like CVS Caremark are under scrutiny amid concerns about the rising cost of drugs and opaque pharmaceutical pricing methodology. Pharmacy-benefit managers administer drug coverage for employers, health insurers and others. They negotiate with drugmakers and pharmacies on the prices to be paid for prescriptions and say they wring out better deals for their clients. CVS Caremark said Monday that Walmart had demanded increased pay for filling prescriptions. The PBM reimburses pharmacies when shoppers with CVS Caremark prescription coverage buy medicine. (Wilde Mathews and Nassauer, 1/18)
Bloomberg: Walmart, CVS Resolve Public Spat Over Prescription-Drug Pricing
Walmart’s continued participation gives CVS some 68,000 pharmacies participating in its network throughout the U.S. (Lauerman and Annett, 1/18)
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Source : Kaiser Health