“This new agreement accomplishes our top priority and enables Walmart to continue participating in CVS Caremark’s commercial and managed Medicaid pharmacy networks and provides enhanced network stability for our clients and their members,” said Derica Rice, president of CVS Caremark, CVS’ PBM arm.
On Tuesday, CVS said Walmart demanded reimbursement increases that CVS could not agree to, and as a result said Walmart chose to leave certain PBM networks. Walmart pushed back, saying it was “CVS’ behaviors that are putting pressure on pharmacies and disrupting patient care” and suggesting that CVS was capitalizing on its “unregulated power.”
Had the two companies not resolved their dispute, Medicaid beneficiaries and people whose employers contract with CVS Caremark for drug benefits would have been unable to fill prescriptions at Walmart.
“We are pleased to have reached fair and equitable terms with CVS Caremark that are in the best interest of our customers, and we are glad our CVS Caremark customers will be able to continue saving money and living better,” said Sean Slovenski, a Walmart senior vice president. “We believe in putting our customers first by providing value and keeping our everyday low-price promise.”