CVS Caremark Extends Blue Cross and Blue Shield Federal Employee Program (FEP) Contract for Retail Pharmacy and Clinical Services
WOONSOCKET, R.I.--(BUSINESS WIRE)--Nov. 2, 2009-- CVS Caremark (NYSE: CVS) today announced it has extended its contract to provide retail pharmacy benefit services and all clinical services for the Blue Cross and Blue Shield Government-wide Service Benefit Plan, also known as the Federal Employee Program (FEP). The three-year contract, originally due to expire at the end of 2010, has been extended through the end of 2011. FEP covers approximately 4.9 million federal employees, retirees and dependents. The retail and clinical portion of the program generates approximately $4 billion of revenue annually.
CVS Caremark has administered FEP's retail pharmacy benefit management program since 1993. Under the new agreement, CVS Caremark will continue to provide retail pharmacy benefit management services through 2011, including network contracting and management of a comprehensive suite of highly-customized clinical programs.
"We are pleased that FEP has chosen to continue its relationship with CVS Caremark,” said Tom Ryan, Chairman, President and CEO. “FEP is a highly-valued client and we are committed to continuing to deliver FEP's employees, retirees and their families with innovative services, lower costs and expanded choices in pharmacy health care."
About CVS Caremark
CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 7,000 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at www.cvscaremark.com/investors, as well as through the press room section of the Company's Web site, at www.cvscaremark.com/newsroom.