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What is the role of CVS Caremark (formerlyRxAmerica) as a pharmacy benefit manager?

April 26, 2017benefit Caremark CVS manager pharmacy

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What is the role of CVS Caremark (formerlyRxAmerica) as a pharmacy benefit manager?

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As a pharmacy benefit manager, CVS Caremark is the claims administrator for the prescription drug program and is responsible for processing and paying prescription drug claims. CVS Caremark is also responsible for developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, drug utilization review, outcomes management, and disease management.