Walmart, CVS Health settle pricing dispute
Walmart and CVS Health have settled their fight over the cost of prescriptions.
CVS Health announced Friday that it had reached a multi-year agreement with Walmart that will see the discounter continue to participate in CVS Health’s prescription drug network for customers with private health insurance and Medicaid coverage. The financial terms of the new contract were not disclosed.
The agreement comes several days after CVS said that Walmart had opted to leave the two networks due to a dispute over reimbursement rates.
“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,” said Sean Slovenski, Walmart Health and Wellness senior VP.
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.
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