costly 08.01.17 In the current era of high launch prices for prescription drugs and continued escalation in existing brand drug prices, CVS Health remains focused on ensuring patients get access to the medications they need at the lowest possible cost. One way we help deliver on this promise is through the formulary management strategies implemented by CVS Caremark, our pharmacy benefit management (PBM) company. For 2018, we are removing 17 drugs from our Standard Control Formulary. Since the introduction of our industry-leading and rigorous approach to formulary management in 2012, through 2018, our formulary strategy is expected to deliver $13.4 billion in cumulative savings to PBM clients, through the inclusion of lower cost brands and encouraging the transition to generics. Our Process The guiding principles of our formulary strategy continue to be maintaining clinical integrity in order to provide access to clinically appropriate drug options for our millions of plan members, while reducing pharmacy costs for plan sponsors and members. When reviewing our Standard Control Formulary, we examine the drugs needed to treat all conditions and consider a range of factors including whether there are other clinically appropriate, cost-effective drugs available. We also use our size, scale and expertise to negotiate better prices for individual drugs from manufacturers, on behalf of clients. The decision-making process includes an extensive review of scientific evidence, peer-reviewed medical literature and accepted clinical practice guidelines. In addition, most plans include an exception process for patients and their physicians that allows them to use drugs that are not on the formulary when it is medically necessary. Decisions regarding the drugs included on our managed formularies and the exception criteria are reviewed and approved by the CVS Caremark Pharmacy and Therapeutics Committee, an external, independent advisory board of physicians and pharmacists. For those drugs that are removed, clinically appropriate drugs with lower overall costs remain available on the formulary. For 2018, 99.76 percent of our members will be able to stay on their current therapy. CVS Caremark is the largest pharmacy benefit manager in the country, in lives and claims, providing coverage to nearly 90 million plan members. Our range of managed commercial formularies, including Standard Control Formulary, covers more than 31 million members. Learn more about our 2018 Formulary Strategy . Related Articles U.S. Health Care Evolution & Outlook: Merlo at Economic Club of New York CVS Health President & CEO Larry Merlo sits down with Fortune senior correspondent Susie Gharib to discuss important health care topics. Tax Reform: Supporting Growth, Creating Jobs and Investing in Better Health Comprehensive tax reform will strengthen our company s ability to help lower health care costs and improve patient outcomes. Project Health: Helping People on Their Path to Better Health Project Health helps ensure that cost isn t a barrier to services in communities with a large number of uninsured or underinsured Americans. Related Press Releases 05.02.17 CVS Health Lauds New Research Showing that Limiting Pharmaceutical Detailing Can Impact Prescribing Behavior 03.15.17 CVS Health PBM Clients Achieved Lowest Prescription Drug Trend in Four Years, Despite Rising Drug Prices 01.12.17 CVS Health Offers Patients Lowest Cash Price in the Market for Generic Epinephrine Auto-injector to Treat Allergic Reactions 06.16.16 CVS Health CEO Larry Merlo Keynotes at 2016 AHIP Institute and Expo 05.04.16 CVS Health Research Institute Study Shows that Home Infusion Care Improves Patient Outcomes and Quality of Life While Reducing Overall Costs 02.23.16 CVS Health Reports Dramatic Drop in Prescription Drug Trend to 5 Percent, Despite Rising Drug Prices member of the family
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