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CVS Caremark’s business suffered a significant blow over the summer when a major California health insurer, Blue Shield of California, announced it will no longer use the company as its pharmacy ...
CVS Health's Caremark, Cigna's Express Scripts and UnitedHealth Group's Optum control the majority of the U.S. pharmacy benefit market, with their parent companies also operating health insurance ...
The three largest—Caremark, Express Scripts, and OptumRx—which process roughly 80% of U.S. drug claims and are known as the Big Three, took in more than $430 billion in revenue in 2023.
As of 2023, PBMs managed pharmacy benefits for 275 million Americans and the three largest PBMs in the US, CVS Caremark, Cigna Express Scripts, and UnitedHealth Group’s Optum Rx, make up about 80% of the market share covering about 270 million people [4] [5] with a market of almost $600 billion in 2024. [6]
In May 2018, a whistleblower lawsuit was filed against CVS Caremark alleging fraud by charging Medicaid and Medicare customers more for their prescriptions than was appropriate. [ 17 ] [ 18 ] In January 2019, Walmart announced that it would no longer use CVS Caremark as its pharmacy benefit manager.
From 2017 to 2022, the companies -- UnitedHealth Group's Optum, CVS Health's CVS Caremark and Cigna's Express Scripts -- marked up prices at their pharmacies by hundreds or thousands of percent ...