CVS Caremark Reports Strong Specialty Growth


During CVS Caremark's first quarter earnings conference call on May 1, 2013, executives revealed that specialty is and will continue to be a "top priority."

During CVS Caremark’s first quarter earnings conference call on May 1, 2013, executives revealed that specialty is and will continue to be a “top priority.”

CVS Caremark’s first quarter revenues from its specialty pharmacy business increased 20% over the same quarter in 2012, according to the company’s earnings call held on May 1, 2013.

“Specialty pharmacy was also a key revenue driver, primarily due to new clients, new products, and drug cost inflation,” said CVS Caremark Chief Executive Officer and President Larry Merlo.

The executives added that the company has many new specialty initiatives underway, including a specialty medical benefit program that helps clients manage specialty medications through the medical benefit, an area that Merlo said “has been largely unmanaged in the past due to the lack of transparency.”

Merlo also revealed that the company recently acquired a technology platform that will help identify and capture cost savings opportunities. The new technology has features that will allow the company to obtain accurate drug pricing information, conduct prior authorizations, and unearth the most cost-effective sites of care.

Mark Cosby, executive vice president and president of CVS Pharmacy, said the company’s holistic approach to specialty management will help patients with chronic disease “as they progress in their disease state from a pharmacy benefit to a medical benefit.”

Related Videos
male pharmacist using digital tablet during inventory in pharmacy | Image Credit: sofiko14 -
Pharmacist holding medicine box in pharmacy drugstore. | Image Credit: I Viewfinder -
Pharmacy Drugstore Checkout Cashier Counter | Image Credit: Gorodenkoff -
Medicine tablets on counting tray with counting spatula at pharmacy | Image Credit: sutlafk -
Capsules medicine and white medicine bottles on table | Image Credit: Satawat -
Human cell or Embryonic stem cell microscope background | Image Credit: Anusorn -
Concept of health care, pharmaceutical business, drug prices, pharmacy, medicine and economics | Image Credit: Oleg -
Biosimilar pharmaceutical drug bottle on blue background. | Image Credit: Carl -
Pharmaceutical manufacture background with glass bottles with clear liquid on automatic conveyor line. | Image Credit: wacomka -
Bottle and scattered pills on color background, top view | Image Credit: New Africa -
© 2024 MJH Life Sciences

All rights reserved.