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NCPA Comments on FTC Action Against CVS Caremark, Vows to Continue PBM Transparency Efforts
Date:1/12/2012

ALEXANDRIA, Va., Jan. 12, 2012 /PRNewswire-USNewswire/ -- The Federal Trade Commission (FTC) announced today that CVS Caremark agreed to pay $5 million to settle allegations that the company overcharged seniors and taxpayers in the Medicare prescription drug program and that the FTC has concluded its investigation into charges alleging that CVS Caremark engaged in anti-consumer, anticompetitive business practices following the 2007 merger of mega-chain CVS with pharmacy benefit manager (PBM) Caremark. The FTC inquiry was launched at the urging of the National Community Pharmacists Association (NCPA) and others.

NCPA CEO B. Douglas Hoey, RPh, MBA issued the following statement in response:

"We appreciate the FTC reviewing the evidence and concerns brought by NCPA, patients, members of Congress and others regarding anti-consumer, anticompetitive behavior by CVS Caremark. The investigation resulted in a multi-million dollar settlement of claims that CVS Caremark overcharged seniors and taxpayers and misled beneficiaries in its marketing of prescription drug plans on Medicare's Plan Finder Website. The settlement should also serve as a warning to any Medicare drug plan sponsors that have potentially misled seniors in their promotion of so-called 'preferred pharmacy' plans.

"At the same time, it is regrettable that the FTC's actions fell short of more robust protections for consumers and pharmacy competition, which are warranted in our view. NCPA provided to the agency what we believe to be compelling eviden
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SOURCE National Community Pharmacists Association
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