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Walgreens extends network provider pact with CVS
May 13th, 2013
DEERFIELD, Ill. – Walgreen Co. has extended its agreement as a pharmacy provider in the national retail network of CVS Caremark Corp.'s pharmacy benefit management unit.
Walgreens announced the extension Monday and said the companies aren't disclosing financial and other terms of the agreement.
"We are pleased to have reached a mutual, multiyear agreement that meets our business objectives, remains consistent with our principles of receiving predictable and fair reimbursement for the services and value we provide, and helps drive cost-effective pricing for payers and patients," Kermit Crawford, president of pharmacy, health and wellness at Walgreens, said in a statement.
Walgreens operates nearly 8,100 drug stores nationwide.
CVS Caremark Pharmacy Services, the company's PBM, has about 67,000 retail pharmacies in its provider network, including its 7,400-plus CVS/pharmacy drug stores.
CVS Caremark is the nation's second-largest PBM, behind Express Scripts Inc. Walgreens rejoined the pharmacy provider network of Express Scripts on Sept. 15, 2012, after reaching a multiyear pharmacy network agreement last July. The deal came after after a six-and-a-half-month contract standoff during which Walgreens wasn't part of the Express Scripts network.