CVS Health Introduces New PBM Performance-based Pharmacy Network Focused on Reducing Costs and Improving Clinical Outcomes

Tuesday, October 24, 2017

WOONSOCKET, R.I., Oct. 24, 2017 /PRNewswire/ -- CVS Health (NYSE: CVS) today announced a new 30,000-store performance-based pharmacy network anchored by CVS Pharmacy and Walgreens, along with up to 10,000 community-based independently owned pharmacies across the United States. The network is designed not only to deliver unit cost savings, but also to improve clinical outcomes that will lead to lower overall health care costs for CVS Caremark pharmacy benefit management (PBM) clients and their members.

"Steadily increasing drug costs, and the current transition in health care from volume to value, require us to continually develop and implement innovative solutions to help our clients manage pharmacy costs while improving health outcomes," said Jon Roberts, Chief Operating Officer of CVS Health. "This partnership with Walgreens, CVS Pharmacy and independent pharmacies enables us to offer a new kind of pharmacy network that provides our clients with opportunities to improve health outcomes and lower overall health care costs, along with comprehensive, nationwide access to medications for their patients."

Performance measures for participating pharmacies will include demonstrated medication adherence for chronic conditions that are impactful to client costs (e.g., hypertension, diabetes, respiratory conditions and behavioral health). Participating pharmacies are encouraged to implement their own proprietary programs and workflow processes to enable them to deliver results related to the measures being tracked.

"Walgreens is pleased to advance our commitment to improving patient care and health outcomes through improved medication adherence by participating in this new performance pharmacy network," said Alex Gourlay, Co-Chief Operating Officer of Walgreens Boots Alliance and President of Walgreens. "This network recognizes that pharmacists do more than dispense medications they are key members of the patient care teams and add value by helping and encouraging patients to take their medications as instructed, improving overall health and wellness while lowering costs for patients and payers. Tracking performance provides additional accountability and incentive to achieve measurable outcomes."

"At CVS Pharmacy we know pharmacists play an important role in providing our patients with timely and relevant information about their prescription medications," said Helena Foulkes, President, CVS Pharmacy. "Given that our pharmacists are on the frontlines of health care in their role as a trusted health care provider, their interventions can help patients take their medications as directed by their physicians, ultimately improving outcomes and managing overall health care costs."

CVS Caremark will make this network available to eligible PBM clients for implementation beginning March 2018.

About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its 9,700 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with nearly 90 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

Investor Contact:
Mike McGuire
(401) 770-4050
Michael.McGuire@CVSHealth.com

Media Contacts:
Christine Cramer
(401) 770-3317
Christine.Cramer@CVSHealth.com

SOURCE CVS Health