CVS Corporation's PharmaCare PBM Selected by DaimlerChrysler to Provide Integrated Pharmacy Benefits

Wednesday, March 8, 2006

WOONSOCKET, R.I., Mar 08, 2006 (BUSINESS WIRE) -- CVS Corporation (NYSE: CVS) today announced that its PharmaCare subsidiary, one of the nation's largest pharmaceutical benefit managers (PBMs), has been selected by DaimlerChrysler's Chrysler Group to administer pharmacy benefits for its more than 144,000 United States employees and retirees as well as approximately 136,000 dependants.

Effective July 1, 2006, PharmaCare will provide Chrysler Group with fully integrated PBM services, including a retail network, mail service, specialty pharmacy services, and a variety of clinical and patient-centric programs. PharmaCare was selected by DaimlerChrysler following an eight-month review process resulting in a multi-year agreement.

"We are very pleased that DaimlerChrysler has chosen PharmaCare. During the in-depth evaluation, we demonstrated our ability to deliver meaningful program savings while providing quality service to their employees," said Greg Weishar, President and CEO of PharmaCare.

PharmaCare's unique service model translates into personal attention for clients and members, a primary reason the company was recently named best in overall service and performance in the annual Pharmacy Benefit Management Institute Customer Satisfaction Report for the fifth consecutive year.

About PharmaCare

Founded on the principles of value, trust and integrity, PharmaCare is one of the largest pharmaceutical benefit managers in the country. The company helps large employers, managed care organizations, insurance companies, unions and government agencies provide safe, cost effective prescription drug coverage for millions of Americans. PharmaCare's comprehensive offerings include fully integrated, state-of-the art mail service, one of the nation's largest specialty pharmacies with a unique model that includes specialty mail service as well as 51retail/clinic pharmacy locations, and a network of more than 56,800 pharmacies in all 50 states, and in nearly every city. Additional information on PharmaCare can be found at www.pharmacare.com.