Retail News Breaks Archives
CVS Caremark extends pact with Blue Cross Blue Shield FEP
November 2nd, 2009
WOONSOCKET, R.I. – CVS Caremark Corp. has extended its retail pharmacy benefit services contract with the Blue Cross and Blue Shield Governmentwide Service Benefit Plan, also known as the Federal Employee Program (FEP).
Originally slated to expire at the end of next year, the three-year pact has been extended through the end of 2011, CVS Caremark said Monday. Retail pharmacy benefit services provided under the contract include network contracting and the management of a suite of customized clinical programs.
CVS Caremark said it has administered FEP's retail pharmacy benefit management program since 1993. FEP covers about 4.9 million federal employees, retirees and dependents. The retail and clinical portion of the program generates roughly $4 billion in revenue annually, according to the company.
"We are pleased that FEP has chosen to continue its relationship with CVS Caremark," Tom Ryan, chairman and chief executive officer of CVS Caremark, said in a statement. "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."