Walmart will remain in certain CVS Caremark Rx networks
Walmart is calling off its plan to exit some of CVS Caremark's retail pharmacy networks after the two companies returned to the table this week.
CVS Health announced Friday that it had reached a multiyear agreement with the Bentonville, Ark.-based retailer that will see Walmart continue to participate in the CVS Caremark pharmacy benefit management commercial and Managed Medicaid retail pharmacy networks. The companies did not disclose 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," CVS Caremark president Derica Rice said. "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."
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.
"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," Walmart Health and Wellness senior vice president Sean Slovenski said. "We believe in putting our customers first by providing value and keeping our everyday low-price promise."
Walmart and CVS Health already have an existing agreement in place for Walmart's participation in the CVS Caremark Medicare Part D pharmacy network. Walmart's Sam's Club division also has an existing agreement to participate in the CVS Caremark pharmacy network.
CVS Health announced Friday that it had reached a multiyear agreement with the Bentonville, Ark.-based retailer that will see Walmart continue to participate in the CVS Caremark pharmacy benefit management commercial and Managed Medicaid retail pharmacy networks. The companies did not disclose 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," CVS Caremark president Derica Rice said. "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."
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.
"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," Walmart Health and Wellness senior vice president Sean Slovenski said. "We believe in putting our customers first by providing value and keeping our everyday low-price promise."
Walmart and CVS Health already have an existing agreement in place for Walmart's participation in the CVS Caremark Medicare Part D pharmacy network. Walmart's Sam's Club division also has an existing agreement to participate in the CVS Caremark pharmacy network.