CVS Caremark®, the top pharmacy benefit manager and a division of CVS Health® (NYSE: CVS), has announced a new commitment to enhance pharmacy benefits for American businesses, unions, and health plans. This initiative aims to offer greater transparency, lower drug costs, and improved clinical care.
David Joyner, president of CVS Caremark, emphasized the company’s ongoing dedication to simplifying and improving pharmacy benefits. “Our efforts over the years have led to significant cost savings, better care, and stronger benefits,” Joyner said. “We are committed to increasing transparency and simplifying the process for those who pay for and use pharmacy benefits.”
The Caremark Client and Member Pledge includes several key commitments:
- Enhancing Affordability: CVS Caremark is focused on making prescription drugs more affordable by promoting generics, expanding biosimilar availability, and securing substantial discounts on brand-name medications. Members will continue to benefit from an average out-of-pocket cost of less than $8 for a 30-day supply of medication.
- Promoting Low-Cost Drugs: The company advocates for low-list price and low net cost drugs, providing clients with options to design the most cost-effective benefits for their members.
- Aligning Benefits with Needs: CVS Caremark is working to improve the alignment between benefit design, physician choice, and patient needs. This includes real-time updates on benefits and formulary changes to minimize delays.
- Innovating Transparency: The new TrueCost™ solution offers clearer insights into client and pharmacy reimbursement costs, includes additional dispensing fees, and supports differential reimbursement for independent and rural pharmacies.
- Passing Rebates to Patients: The company ensures that 99% of negotiated rebates are passed on to clients to reduce benefit costs, with plans to return savings directly to patients at the pharmacy counter through the TrueCost model.
- Improving Pharmacy Relations: CVS Caremark aims to enhance interactions with pharmacies by addressing access issues, updating technology for seamless transactions, and providing consistent counter experiences.
- Combating Rising Drug Costs: The company will continue to oppose pharmaceutical price increases and use formulary strategies to make medications more accessible. Efforts include breaking down patent barriers for high-cost drugs and providing affordable insulin options.
Joyner concluded, “Affordable access to prescription drugs is a priority, and Caremark is dedicated to lowering costs, improving care, and increasing transparency. We are committed to making a difference for our clients and the millions of Americans we serve.”
About CVS Health
CVS Health® is a leading health solutions company that enhances access to care nationwide. With over 300,000 employees, including more than 40,000 healthcare professionals, CVS Health supports individuals in managing their health, adhering to medications, and accessing affordable services. The company’s goal is to streamline the healthcare experience and be a trusted partner in every health moment, delivering care with heart.
