CVS Caremark Issues Statement of Role of PBMs

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As the debate on how to reduce drug costs continues to rise in importance, the role of PBMs has come under fire. Companies and professionals across the industry often point to pharmacy benefit managers as one of the main causes for expensive medications in the modern market. This has led to calls for serious reform of PBMs and how important a role that they play in the industry.

CVS Caremark recently issued a statement affirming its position and viewpoint on the role of PBMS.¹ As one of the nation’s largest pharmacy benefit managers, it states that its goal is for greater transparency, lower drug costs, and better access high quality clinical care.

In a press release, CVS Caremark president David Joyner said, “The way we have done our work over the past few decades has driven greater cost savings, better care, and more robust benefits for the Americans we serve. Our work is rooted in greater simplicity and transparency for those who pay for pharmacy benefits, for people who take medicine, and for the pharmacies that serve our patients."

He continued, “We all want affordable access to prescription drugs, and Caremark will continue to drive down costs, improve care, and accelerate transparency. For our thousands of clients and millions of Americans, Caremark is the difference between affording medicine and going without. We take our commitments to heart and will deliver on our promise to everyone we serve."

In the statement, CVS Caremark listed the following points as core values: delivering greater affordability, promoting lowest net cost drugs, strengthening the alignment between client benefit design, physician choice, and patient need, innovating to drive greater transparency, improving relationships with pharmacies, and changing the trajectory of drug costs.

In May, CVS Health announced the results of a survey focused on mental health.² According to the results, Americans have significant concerns about their own mental health and the costs of mental healthcare. The results also showed that a majority of American adults are concerned about the overall mental health of the entire country and consider it to be a top concern.

In a press release issued at the time, CVS Health’s chief psychiatric officer Taft Parsons III said, “Mental health became a top concern in 2020 and it has only risen since. Uncertainty around the future, current events and social media continue to drive anxiety among adults. Our priority, across CVS Health, remains improving access to quality virtual and in-person mental health care and ensuring we have resources in place to address the unique needs of individuals."

Parsons continued, “Our increasing use of technology has helped increase access to mental health care–CVS Health has had over 43 million mental health virtual visits since 2020–and created a way for people to talk openly about the topic, reducing stigma. But as we navigate the impacts social media has on mental health, it has become increasingly important that we highlight its limitations and set guardrails for ourselves and our children."

Sources

1. CVS Caremark Defines Future of Pharmacy Benefit Management. CVS Health. July 23, 2024. https://www.prnewswire.com/news-releases/cvs-caremark-defines-future-of-pharmacy-benefit-management-302204115.html
2. CVS Health Survey Shows Mental Health Concerns Continue to Rise. CVS Health. May 9, 2024. Accessed July 23, 2024. https://www.prnewswire.com/news-releases/cvs-health-survey-shows-mental-health-concerns-continue-to-rise-302140086.html