Effective Jan. 1, 2020, CVS Caremark will no longer serve as the pharmacy benefit manager of Ohio's largest Medicaid managed care provider, according to The Columbus Dispatch.
CareSource will instead contract with Express Scripts to deliver pharmacy benefits to its more than 1 million beneficiaries.
CVS has been under scrutiny for more than a year in Ohio after a 2017 study found that it charged taxpayer-funded companies more than $200 million more for prescription drugs than it reimbursed pharmacies.
"We believe the current PBM model has significant room for improvement," CareSource President & CEO Erhardt Preitauer, told The Dispatch. "CareSource saw an opportunity to reinvent the model with a focus on transparency, driving real value for stakeholders, building stronger partnerships with local pharmacies and controlling costs."
The new model, called CareSource RxInnovations, will offer more transparent pricing that will be verified by an independent third party, Mr. Preitauer said.
Read the full report here.