Tue June 8, 2010
Walgreens says it will no longer offer drug plans through CVS Caremark
By Megan Hall
Woonsocket, R.I. – The Woonsocket based pharmacy giant CVS Caremark is losing a major client.
Walgreens Pharmacies have decided not to renew or offer new prescription plans through the company. Greg Wasson, president and CEO Of Walgreen Co, said in a conference call that its relationship with Caremark has changed since the company merged with CVS.
"We've felt over the years that we've gone from being a valued provider within their network to being more like a competitor to CVS drugstores within their network," Wasson says.
Among Wasson's complaints: Caremark required some patients with chronic conditions to get their prescriptions through the mail or at CVS pharmacies instead of at Walgreens.
In written statement, CVS Caremark said Walgreens decision is nothing more than a transparent effort to raise its reimbursement rates.
The National Community Pharmacists Association has also expressed concerns about alleged unfair business practices by CVS since its merger with Caremark in 2007.