CalPERS announced a new pharmacy benefits contract with CVS Caremark (CVS) today that is designed to address rising costs of prescriptions while ensuring access to safe and effective medications for members. The five-year contract includes new financial terms with CVS, putting $250 million at-risk over the term of the contract for controlling drug costs and improving the health of CalPERS members.
“This new contract reflects CalPERS’ ongoing commitment to affordability and quality for our members,” said Ramón Rubalcava, chair of the CalPERS Board of Administration Pension and Health Benefits Committee. “By putting CalPERS’ values in the driver’s seat, we’re ensuring that our members and their families have access to the medications and support they need to manage their health.”
Read the full news release.