Wed
Aug 9 2017
05:14 pm
The agreements between CVS and the PBMs are based on confidential contracts, meaning the "consumer pays the amount negotiated between the PBM and CVS even if that amount exceeds the price of the drug without insurance," the suit says.
As a result, it continues, CVS can overcharge unknowing costumers by collecting co-pays that exceed the pharmacists' price and then remit the excess payment back to the PBMs in what's known as "clawback" payments.
CVS Charges More for Generic Drugs Paid for With Insurance, Lawsuit Claims
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On the "retail apocalypse" front, CVS was one of eleven retailers on the National Law Review's list of possible bankruptcies in 2017, they reported last month. They're closing hundreds of stores and laying off lots of folks, too. This lawsuit may just do them in.
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Bloomberg, today: Amazon Could Probably Conquer Drugstores, Too. If CVS isn’t careful, it could become the next Borders. (Remember Borders?)