Aetna and CVS Caremark Agree to 12-Year Contract for Pharmacy Benefit Management (PBM) Services.

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Aetna announced on July 27, 2010, that it has awarded CVS Caremark with a 12-year contract to administer approximately $9.5 billion in annual drug spend to 9.7 million of its members, effective as of January 1, 2011. Aetna will retain its PBM and will continue to manage clinical programs, protocols and oversight of its pharmacy benefits business, while outsourcing the following functions to CVS Caremark:

  • Administration of Aetna’s retail pharmacy network and management of pharmacy customer and member service functions
  • Management of purchasing, inventory management, and prescriptions fulfillment for Aetna’s mail order and specialty pharmacy operations

Aetna maintains that this arrangement will lead to enhanced clinical capabilities, improved pricing and products, and improved customer service and member experience.