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CVS Caremark renews major federal contract
March 26th, 2014
WOONSOCKET, R.I. – CVS Caremark Corp. has entered into a new three-year contract to provide pharmacy benefit services for the Blue Cross and Blue Shield Governmentwide Service Benefit Plan, known as the Federal Employee Program (FEP).
CVS said Wednesday that under the renewed agreement it will continue to provide retail pharmacy benefit management (PBM) services, mail service pharmacy, specialty pharmacy services and customized clinical programs to FEP's more than 5 million federal employees, retirees and dependents.
The new pact runs through 2017 and brings the relationship between CVS Caremark and FEP to more than 20 years, the company noted.
"FEP is a highly valued client, and we are committed to delivering the same high level of service and patient satisfaction that we have provided to FEP's federal employees, retirees and their families for many years," Jon Roberts, president of the CVS Caremark PBM business. "We are pleased that FEP continues to recognize the value and services that CVS Caremark provides to their plan and members."
CVS has been administering FEP's retail pharmacy benefit program since 1993, and in late 2009 the contract was extended through the end of 2011. In a new three-year pact announced in May 2011, CVS began providing mail order pharmacy and specialty pharmacy services on top of retail pharmacy benefit services, including network contracting and management of customized clinical programs.