Oscar Health (OSCR) announced that it has renewed its Pharmacy Benefit Manager agreement with CVS Caremark (CVS) to provide Oscar members with continued access to CVS Caremark’s pharmacy network. The agreement between the two organizations is expected to substantially lower costs for Oscar over the course of the contract period, beginning in 2023. As a part of the renegotiation, Oscar will continue to drive formulary design, with CVS Caremark providing pharmacy and health engagement services to complement Oscar’s innovative member-focused approach to healthcare. "CVS Caremark provided an attractive offer that not only supports our strategic business imperatives but also provides continuity for our members," said Scott Blackley, Chief Transformation Officer of Oscar Health. "Ultimately, CVS Caremark proved to be best situated to support our increased scale and tech-enabled business and provide superior service, lower cost, and higher value." Oscar first engaged CVS Caremark to administer and manage its pharmacy benefits in 2012. The new agreement extends the relationship through 2026. Through their agreement, Oscar members will retain access to CVS Caremark’s extensive network of pharmacies across the country.
Published first on TheFly
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