What You Should Know:
– Today, CVS Caremark, the Pharmacy Benefit Manager (PBM) of CVS Health announced a larger PBM contract with the Government-wide Service Benefit Plan (also known as the Federal Employee Program), which has provided benefits to the federal workforce for 60 years and covers 5.5 million employees, retirees and their families. CVS Health has been the pharmacy benefit manager for the Service Benefit Plan since 1993 and has partnered with them to provide and evolve the pharmacy services their members need over the many years.
– With the new contract effective Jan. 1, 2022, CVS Health regained the specialty pharmacy business – which was lost in 2018 – while also retaining the mail, retail and clinical pharmacy services in the current contract. This allows CVS Health to deliver greater cost savings and better care to the Service Benefit Plan and its members with specialty once again integrated with pharmacy services. As you well know, specialty is the biggest growth area in pharmacy spend so it’s critical to manage – and well.
– Integrated management of specialty and traditional pharmacy services also means CVS Health can help the Service Benefit Plan effectively manage spend by cutting cost and wasteful spend every step of the process. Their clinically rigorous therapy decisions and high-touch clinical engagement also helps ensure the right therapies are being used at the right time for the right patients, ultimately improving outcomes.