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WOONSOCKET, R.I. — CVS Health said Tuesday that Walmart has opted to leave the CVS Caremark pharmacy benefit management (PBM) commercial and Managed Medicaid retail pharmacy networks.
CVS Caremark has requested that Walmart continue to fill prescriptions as an in network participating pharmacy through April 30, 2019. This transition does not impact Walmart’s participation in the CVS Caremark Medicare Part D pharmacy network. In addition, Walmart’s Sam’s Club division remains in the CVS Caremark pharmacy networks. Walmart’s termination from the CVS Caremark commercial and Managed Medicaid retail pharmacy networks is not expected to have a material impact on the financial results of the company in 2019.
Derica Rice
“At a time when everyone is working hard to find ways to reduce health care costs, Walmart’s requested rates would ultimately result in higher costs for our clients and consumers,” said Derica Rice, president of CVS Caremark, the pharmacy benefit management business of CVS Health. “While we have enjoyed a long relationship with Walmart as a low cost provider in our broad national networks, based on our commitment to helping our clients and consumers manage rising pharmacy costs, we simply could not agree to their recent demands for an increase in reimbursement.”
Currently, less than 5% of affected CVS Caremark members use Walmart exclusively to fill their prescriptions. The retail pharmacy network said it is well-positioned, even without Walmart, to provide members with access to a local pharmacy.
“As CVS Caremark begins to prepare clients and members for a transition,” said Rice, “we are hopeful that Walmart will agree to work amicably with us in the best interest of patients. CVS Caremark’s priority is to ensure that patients continue to have access to their medications during this transition period. We also remain open to continuing timely good faith negotiations with Walmart in the hopes of reaching an agreement to provide quality pharmacy care at a reasonable cost.”
