CVS Caremark Extends Blue Cross and Blue Shield Federal Employee Program (FEP) Contract for Retail Pharmacy and Clinical Services
CVS Caremark (NYSE: CVS) today announced it has extended its contract to
provide retail pharmacy benefit services and all clinical services for
the Blue Cross and Blue Shield Government-wide Service Benefit Plan,
also known as the Federal Employee Program (FEP). The three-year
contract, originally due to expire at the end of 2010, has been extended
through the end of 2011. FEP covers approximately 4.9 million federal
employees, retirees and dependents. The retail and clinical portion of
the program generates approximately $4 billion of revenue annually.
CVS Caremark has administered FEP's retail pharmacy benefit management
program since 1993. Under the new agreement, CVS Caremark will continue
to provide retail pharmacy benefit management services through 2011,
including network contracting and management of a comprehensive suite of
highly-customized clinical programs.
"We are pleased that FEP has chosen to continue its relationship with
CVS Caremark,” said Tom Ryan, Chairman, President and CEO. “FEP is a
highly-valued client and we are committed to continuing to deliver FEP's
employees, retirees and their families with innovative services, lower
costs and expanded choices in pharmacy health care."
About CVS Caremark
CVS Caremark is the largest provider of prescriptions in the nation. The
Company fills or manages more than 1 billion prescriptions annually.
Through its unmatched breadth of service offerings, CVS Caremark is
transforming the delivery of health care services in the U.S. The
Company is uniquely positioned to effectively manage costs and improve
health care outcomes through its more than 7,000 CVS/pharmacy and Longs
Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit
management, mail order and specialty pharmacy); its retail-based health
clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com.
General information about CVS Caremark is available through the Investor
Relations section of the Company's Web site, at www.cvscaremark.com/investors,
as well as through the press room section of the Company's Web site, at www.cvscaremark.com/newsroom.
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