Navigation Links
FTC Ends Investigation of CVS Caremark
Date:1/12/2012

WOONSOCKET, R.I., Jan. 12, 2012 /PRNewswire/ -- CVS Caremark Corporation (NYSE: CVS) announced today that the Federal Trade Commission (FTC) has concluded its investigation under the Federal Trade Commission Act into the company's business practices.  The investigation has resulted in CVS Caremark entering into a consent order that relates to certain business practices of a subsidiary of Longs Drug Stores Corporation, which took place prior to the acquisition of Longs by CVS Caremark in October 2008.  There were no allegations of antitrust law violations or anti-competitive behavior related to CVS Caremark's business practices or its products or service offerings.  In addition, the Company has received a formal letter from the FTC closing all other aspects of the investigation.

(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO )

Pursuant to the consent order, CVS Caremark will deposit $5 million into a fund that will be used to compensate consumers who purchased coverage for the 2008 plan year from a Medicare Part D Prescription Drug Plan sponsored by Rx America, a subsidiary of Longs.  The fund is being established as a result of Rx America inadvertently posting on a website maintained by the Centers for Medicare and Medicaid Services (CMS) inaccurate pricing information for certain generic drugs.  In addition, CVS Caremark agreed on a go forward basis to refrain from making any misrepresentations regarding drug pricing information relating to affiliate sponsored Medicare Part D plans. The consent order will be published in the Federal Register and is subject to comment for 30 days.

"CVS Caremark is pleased to have reached an agreement with the FTC that ends the investigation and enables us to continue our focus on offering unique, innovative products and services that differentiate us and benefit consumers," said Larry Merlo, President and Chief Executive Officer of CVS Caremark.  "We remain committed to delivering the best possible pharmacy care by driving down health care costs, expanding consumer access and improving health care outcomes.    

"During the course of this two year investigation, our company cooperated fully with the FTC and provided to the government millions of documents as well as access to numerous members of our management team who participated in voluntary interviews and depositions," said Douglas A. Sgarro, Executive Vice President and Chief Legal Officer of CVS Caremark.  "It is important to note that, at the conclusion of this comprehensive investigation, the FTC made no allegations of antitrust law violations or anti-competitive behavior associated with any of our business practices, products or service offerings."

About CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. We are uniquely positioned to engage plan members in behaviors that improve their health and to lower overall health care costs for health plans, plan sponsors and their members. CVS Caremark is a market leader in mail order pharmacy, retail pharmacy, specialty pharmacy, and retail clinics, and is a leading provider of Medicare Part D Prescription Drug Plans. As one of the country's largest pharmacy benefits managers (PBMs), we provide access to a network of approximately 65,000 pharmacies, including more than 7,300 CVS/pharmacy® stores that provide unparalleled service and capabilities. Our clinical offerings include our signature Pharmacy Advisor™ program as well as innovative generic step therapy and genetic benefit management programs that promote more cost effective and healthier behaviors and improve health care outcomes. General information about CVS Caremark is available through the Company's website at http://info.cvscaremark.com/.

Contacts:
Eileen Howard Boone
Corporate Communications
401.770.4561

Carolyn Castel
Corporate Communications
401.770.5717
carolyn.castel@cvscaremark.com

Nancy Christal
Investor Relations
914.722.4704 


'/>"/>
SOURCE CVS Caremark
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Solvay Pharmaceuticals, Inc. and Wyeth Pharmaceuticals Announce Receipt of an FDA Action Letter for Bifeprunox, an Investigational Treatment for Schizophrenia
2. CardioFocus Endoscopic Ablation System Earns CE Mark to Treat Atrial Fibrillation; US Clinical Investigation Underway
3. A Worldwide Phase III Clinical Trial Seeks U.S. Patients to Explore Investigational Drug Phenoxodiol
4. Ardea Biosciences, Inc. Announces Completion of Phase 1 Clinical Trials of Novel Investigational HIV Drug RDEA806
5. ECLIPSE Data on Effects of Otsukas Investigational Novel Treatment, Tolvaptan, on Advanced Heart Failure Patients Hemodynamics and Urine Output Featured in Heart Failure Society of Americas Late Breaking Trials
6. Replidynes Investigational Antibacterial Agent REP3123 Prevents Sporulation in Clostridium difficile
7. Replidynes Investigational Antibacterial Agent REP3123 Prevents Toxin Production in Clostridium difficile
8. Wyeth Presents Phase 3 Fracture Data for Bazedoxifene, an Investigational Therapy for Osteoporosis
9. Newly Published Phase II Study Shows the Investigational Drug Vandetanib Prolongs Progression-Free Survival in Patients with Advanced Non-Small Cell Lung Cancer (NSCLC)
10. KineMed Presents Preclinical Data for Investigational Agent Demonstrating Neurogenesis and Confirming Improvements in Behavioral Model
11. Lexicon Reports Initial Clinical Trial Results for LX1031, an Investigational New Drug for Irritable Bowel Syndrome
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/19/2017)... , Sept. 19, 2017   ZirMed Inc ., a ... today announced that it has been ranked #1 by its ... Book™ Rankings 2017 User Survey. ZirMed was recognized as ... large hospitals and medical centers over 200 beds and holds ... healthcare technology user survey history. ...
(Date:9/12/2017)... PARIS and NEW YORK , Sept. 12, ... ethical performance ratings for global supply chains, has published the first annual ... the CSR performance of more than 20,400 companies evaluated by EcoVadis, based ... years 2015 and 2016. ... EcoVadis Global CSR Risk & Performance Index ...
(Date:9/9/2017)... NEW YORK , Sept. 8, 2017 ... largest independent supplier of medical equipment, supplies, drugs, ... that it has entered into an agreement to acquire ... surgical equipment based in Holtsville, New York ... which specializes in supplying new and emerging medical practices, ...
Breaking Medicine Technology:
(Date:9/22/2017)... ... 22, 2017 , ... Pullano Law Offices, a Chicago personal injury law firm, ... selected to serve as President of the North Suburban Bar Association for 2017-2018. Mr. ... hosted by the NSBA at the North Shore Country Club in Glenview, IL, on ...
(Date:9/22/2017)... ... September 22, 2017 , ... First ... is celebrating the one year anniversary of its Houston-Fallbrook facility. , “We ... Otinwa, Facility Medical Director of First Choice Emergency Room Houston-Fallbrook. “It has been ...
(Date:9/22/2017)... ... , ... “Fruit of the Spirit: “Love””: a delightful adventure of two ... “Fruit of the Spirit: “Love”” is the creation of published author, Halimah Jones, who ... five. Halimah is an avid writer, her inspiration for “Fruit of the Spirit: “Love”” ...
(Date:9/22/2017)... ... September 22, 2017 , ... Egg freezing ... Although frozen embryos have a slight statistical advantage for live births, frozen eggs ... wonderful opportunity for women undergoing medical treatment or who are concerned about the ...
(Date:9/21/2017)... ... September 21, 2017 , ... 38-Year-Old Plastic Surgeon Gill at Aesthetic Surgery ... is pleased to announce that Plastic Surgeon Kiranjeet Gill has been awarded as one ... is an annual award that was started in 2003 to salute young achievers in ...
Breaking Medicine News(10 mins):