|CVS Caremark Awarded Integrated 3-Year Blue Cross and Blue Shield Federal Employee Program (FEP) Contract|
Will Continue to Provide FEP's Retail and Clinical PBM Services
Beginning 2012, Will Also Provide Mail Order and Specialty Pharmacy Services
WOONSOCKET, R.I., May 27, 2011 /PRNewswire via COMTEX/ --
CVS Caremark Corporation (NYSE: CVS) today announced that it has been awarded a three-year contract to provide integrated pharmacy benefit services for the Blue Cross and Blue Shield Government-wide Service Benefit Plan, also known as the Federal Employee Program (FEP), based on the best overall value. The Company will continue to provide FEP's clinical programs and retail pharmacy benefit management services and also provide mail order pharmacy services and specialty pharmacy services to FEP's more than 5 million federal employees, retirees and dependents.
CVS Caremark has been administering FEP's retail pharmacy benefit management program since 1993 and the contract had most recently been extended through the end of 2011. The new agreement, which runs through 2014, brings the relationship between CVS Caremark and FEP to more than 20 years. CVS Caremark will continue to provide retail pharmacy benefit management services, including network contracting and management of a comprehensive suite of highly-customized clinical programs, and also provide mail order and specialty pharmacy services.
"We are very gratified that FEP has recognized that CVS Caremark's unique integrated model for pharmacy care provides the best overall value and offers their plan members innovative, cost-effective pharmacy benefit management services that improve health outcomes," said Larry J. Merlo, President and Chief Executive Officer of CVS Caremark.
"FEP is a highly-valued client and we are committed to continuing to deliver the same high level of service and patient satisfaction that we have provided to FEP's federal employees, retirees and their families for many years," added Per Lofberg, President of CVS Caremark's pharmacy benefit management business.
About CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including more than 7,200 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor(TM) program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com/.
SOURCE CVS Caremark Corporation