CVS Health Applauds New Legislation to Better Inform Pharmacy Choices
WOONSOCKET, R.I., March 15, 2018 /PRNewswire/ -- CVS Health (NYSE: CVS) today released the following statement regarding the ''Patient Right to Know Drug Prices Act," introduced by U.S. Senators Collins, McCaskill, Barrasso, Stabenow and Cassidy and the "Know the Lowest Price Act of 2018," introduced by U.S. Senators Stabenow, Collins, Wyden, Cassidy, McCaskill and Barrasso. These bills prevent companies from instituting contract provisions, known as "gag clauses," which prohibit pharmacists from informing patients if the cash price of a prescription is lower than the cost the patient would pay using their health insurance.
"CVS Health applauds the introduction of the "Patient Right to Know Drug Prices Act," and the "Know the Lowest Price Act of 2018," which will help ensure all consumers can make informed decisions about their prescription drug costs at the pharmacy counter. CVS Health's own pharmacy benefit manager, CVS Caremark, does not engage in the practice of preventing pharmacists from informing patients of the cash price of a prescription drug, known as "gag clauses." Actually, our contracts with all dispensing pharmacies in our network require that CVS Caremark members always get the benefit of at least the lower of the pharmacy's cash price and the plan's copay. If a CVS Caremark plan member's copay for a drug is greater than the dispensing pharmacy's contracted rate, it is not our practice to collect that difference from the pharmacy. We are pleased to see these bills align the industry to these consumer best practices and applaud Senators Collins, Stabenow, Wyden, McCaskill, Barrasso, and Cassidy for their leadership."
About CVS Health
CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with more than 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs. Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.
Erin Shields Britt
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SOURCE CVS Health
Company Codes: NYSE:CVS