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CVS Caremark was founded as MedPartners, Inc. in 1993 in Birmingham, Alabama by several local businessmen as a physician practice management (PPM) company. [1] HealthSouth, New Enterprise Associates, and Richard M. Scrushy stepped in to provide the company with early financial backing.
The logo for CVS Caremark, one of the three largest PBM companies in the US. In 2011 Caremark Rx was the nation's second-largest PBM. Caremark Rx was subject to a class action lawsuit in Tennessee, which alleged that Caremark kept discounts from drug manufacturers instead of sharing them with member benefit plans, secretly negotiated rebates ...
CVS Caremark manages the dispensing of prescription drugs for more than 75 million plan members through five mail order pharmacies, specialty pharmacies, long-term care pharmacies and national network of more than 68,000 retail pharmacies, consisting of approximately 41,000 chain pharmacies and 27,000 independent pharmacies.
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The FTC sued UnitedHealth Group's Optum unit, CVS Caremark and Cigna's Express Scripts for allegedly steering diabetes patients towards higher priced insulin.
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CVS bought Stadtlander Pharmacy of Pittsburgh from Bergen Brunswig/AmerisourceBergen in 2000. [17] [23] As of December 2009, CVS Caremark had over 7,000 locations. [24] In 2004 CVS purchased 1,268 Eckerd drug stores and Eckerd Health Services, a PBM/mail-order pharmacy business, from J. C. Penney. [25]
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