Walmart and CVS Health reported Friday (Jan. 18) the two companies have reached an agreement that allows Walmart to remain part of the CVS Caremark prescription benefits management group.
This comes on the heels of the Bentonville-based retail giant’s announced intention to pull out of the CVS PBM network citing higher prices that benefit middlemen and not Walmart customers. Walmart said the reimbursements its pharmacists received were also less than those paid to CVS pharmacies.
The Arkansas Pharmacy Association said independent pharmacists around the state had been feeling the same pinch for the past 18 months.
Walmart said early in the week it continued to talk with CVS, but if an agreement couldn’t be reached it would leave the network by the end of April.
CVS reported a new multi-year contract was signed by the parties on Friday.
This allows certain pharmacy benefit management customers like those covered by Arkansas Blue Cross Blue Shield and Medicaid to continue getting their prescriptions filled at Walmart pharmacies.
CVS Caremark’s Derica Rice, who oversees the PBM division, said the new agreement accomplishes the company’s top priority. Walmart said it was pleased to have reached “fair and equitable terms” with CVS Caremark that also serves its customers well.