CVS combats drug abuse with data analysis
Woonsocket, R.I. – CVS Caremark is evaluating data on prescriptions filled at CVS/pharmacy to identify providers with extreme patterns of prescribing high-risk drugs. Providers who cannot offer a reasonable explanation for these patterns have their controlled substance dispensing operations suspended.
CVS recently launched a program that analyzed volume and share of high-risk drugs compared to other providers in the same specialty and geographic region, as well as the ages of patients and their payment methods. The program has identified 42 outlying prescribers who were then asked to provide additional information about their prescribing habits. Of these, only six identified legitimate reasons for their unusual prescribing practices. As a result of the analysis and outreach, CVS Caremark suspended controlled substance dispensing through the company’s CVS/pharmacy locations and the CVS Caremark Mail Service pharmacies for prescriptions written by the other 36 providers.
Big Lots board retains compensation committee chair
Columbus, Ohio – The board of directors of Big Lots, Inc. has retained director Russell Solt. Solt will also continue to serve as chairman of the compensation committee, which is composed entirely of independent non-executive directors.
At the company’s May 2013 annual meeting of shareholders, Solt received less than a majority of the shareholder vote in support of reelection. As a result, Solt offered to resign from the board in accordance with the company’s corporate governance guidelines. After considering the recommendation of the nominating / corporate governance committee and other relevant factors, the board determined not to accept Solt’s resignation. Solt did not participate in the consideration.
“The board of directors respects the views of our shareholders and, over the past year, the compensation committee and board have listened and taken significant steps to address concerns raised by our shareholders related to executive compensation practices, including reducing the overall CEO compensation package and more closely aligning compensation with shareholder returns," said Philip E. Mallott, chairman of the board. "As chairman of the compensation committee, Russell led these efforts and, together with other committee members and independent advisors, is currently evaluating further improvements to our executive compensation program. We believe that shareholders are best served by Russell’s continued involvement in this process. In addition, Russell’s financial expertise, knowledge of our business, and extensive experience in the retail industry make him a significant contributor to the overall work of our board of directors."
Solt’s term as director will continue until Big Lots’ 2014 annual meeting.
Thai CPG provider adopts Jesta I.S. Vision Suite
Bangkok, Thailand — Berli Jucker PLC, (BJC), a Thailand-based provider of CPG goods, is adopting the Vision Suite enterprise platform from Jesta I.S. Merchandising and POS solutions are among the Vision technologies BJC is employing.
BJC will leverage the Vision Suite for managing its multi-channel retail operations in Thailand and Vietnam. Upon implementation, BJC will have an end-to-end integrated system delivering greater ability to analyze store strategy and visibility over retail decisions.
“One of our biggest goals was to partner with a global solution provider that can bring business expertise, implementation agility, and a technology platform to help us become a leading retailer in the entire Asian region,” said Phidsanu Pongwatana, senior VP, Berli Jucker PLC. “The Vision Suite will help us implement best business practices, and deliver business performance visibility during the critical initial stages of the retail business rollout in Thailand and Vietnam.”