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CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations (over 9,600 as of 2016) and total prescription revenue. [ 8 ] [ 5 ] [ 9 ] Its parent company ranks as the fifth largest U.S. corporation by FY2020 revenues in the Fortune 500 . [ 4 ]
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.
In 2014, the corporate name for CVS Caremark became CVS Health, with CVS Caremark becoming a subsidiary. [22] In January 2019, Walmart announced that it would no longer use CVS Caremark as its pharmacy benefit manager. [23] In February 2020, Alan Lotvin was appointed president of CVS Caremark. [24]
CVS Caremark provides comprehensive prescription benefit management services including mail order pharmacy services, specialty pharmacy and infusion services, plan design and administration, formulary management and claims processing. The company's clients are primarily employers, insurance companies, unions, government employee groups, health ...
In July 2004, JCPenney sold the Eckerd chain to CVS Corporation and Jean Coutu Group for a total of $4.5 billion (~$6.96 billion in 2023). [10] CVS acquired 1,271 Eckerd stores, and support facilities, in Florida, Texas, and other Southern states, as well as Eckerd's pharmacy benefits management and mail order businesses, for $2.15 billion. [10]
Other companies owned by BlueCross BlueShield of South Carolina include: [13] [14] Companion Benefit Alternatives - behavioral health benefits administrator founded in 1984; Companion Life - life, disability, and dental insurance, acquired by Blue Cross of South Carolina in 1970; Celerian Group - government programs, founded 2011
A second whistleblower lawsuit filed against Omnicare by Resnick and Total Pharmacy Services V.P. Maureen Nehls related to kickbacks that had been part of its 2004 acquisition of Total Pharmacy Services was settled (circa 2013) for $17.2 million by Omnicare and $5 million by the Total Pharmacy owners.
Medco provided pharmacy services to private and public employers, health plans, labor unions, government agencies, and individuals served by Medicare Part D Prescription Drug Plans. Medco was a member of the S&P 500 and ranked number 34 on the 2011 Fortune 500 list, [1] with 2011 revenues of more than $70 billion. [2]