Oklahoma Reaches $5 Million Settlement With CVS Caremark
- mike33692
- 13 hours ago
- 1 min read
State Reaches $5 Million Settlement With CVS Caremark Over Pharmacy Payments
Settlement Follows Claims of Underpaid Pharmacies
The State of Oklahoma has reached a $5 million court settlement with CVS Caremark, one of the nation’s largest pharmacy benefit managers (PBMs).
The lawsuit alleged that CVS Caremark underpaid Oklahoma pharmacies for prescription medications, shorting local businesses on reimbursements.
What Pharmacy Benefit Managers Do
PBMs act as middlemen between insurance companies and pharmacies, determining:
How much pharmacies are reimbursed
Which medications are covered
Patient copays
State officials argued the system allowed pharmacies to be paid less than the true cost of the drugs they dispensed.
Money Will Go Back to Oklahoma Pharmacies
According to the settlement agreement, the $5 million will be distributed to pharmacies that were affected by the underpayment.
No wrongdoing was officially admitted as part of the settlement.
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