CVS/Caremark settles with states
Executive Summary
Firm settles multi-state consumer protection investigation into PBM practices, including therapeutic switching by its legacy AdvancePCS and Caremark subsidiaries by agreeing to payments of up to $41 million. Led by the Illinois and Maryland attorneys general, the investigation by a total of 28 states began in 2004. Of the total payment amount, $38.5 million will go to the states and up to $2.5 million will be allocated to patients who had to undergo medical tests related to switches of cholesterol-reducing drugs. A consent order also restricts therapeutic interchanges by the PBM and requires greater transparency from the company regarding its incentives for switches. CVS/Caremark maintains the agreement involves no admission of wrongdoing on its part. The firm settled federal charges against its legacy subsidiaries in 2005 (1"The Pink Sheet," Sept. 12, 2005, p. 13)...
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