cvs caremark corp (CVS) Key Developments
CVS Caremark Announces New Clinical Affiliations with Four Major Health Care Providers
Jul 16 14
CVS Caremark announced it has entered into new clinical affiliations with four major health care providers to enhance access to high-quality, affordable health care services for patients. The collaborating health care providers include ProHealth Physicians in Connecticut, Texas Health Resources in Texas, Palmetto Health in South Carolina and The Baton Rouge Clinic in Louisiana. Through these clinical affiliations the patients of these health care providers will receive access to clinical support, medication counseling, chronic disease monitoring and wellness programs at CVS/pharmacy stores and MinuteClinic, the retail health care division of CVS Caremark. In addition, CVS Caremark will provide critical prescription and visit information to those health care providers through the integration of secured electronic medical record (EMR) systems. The participating health care providers will receive data on interventions conducted by CVS pharmacists to improve medication adherence for their patients. The affiliation also encourages collaboration between the health care providers and MinuteClinic providers to improve coordination of care for patients seen at MinuteClinic locations. Physicians affiliated with the participating health care providers will collaborate with MinuteClinic nurse practitioners to work closely on joint clinical programs and care coordination activities. If more comprehensive care is needed, patients can follow up with their primary care provider and have access to the services at the health care provider as appropriate. For those patients who do not have regular access to health care, MinuteClinic provides assistance in finding a primary care physician and a greater opportunity for continuity of health care services.
Claims Against CVS Caremark Corp Arising from Dispensing of Generic Drugs Dismissed
Jul 11 14
Claims against CVS Caremark Corp. arising from dispensing of generic drugs dismissed. The Michigan Supreme Court reversed a court of appeals judgment and reinstated a trial court's judgment on the pleadings in favor of pharmacy operator defendants in a qui tam action brought by a state government arising from the defendants' retention of savings obtained by dispensing generic drugs in place of brand-name equivalents. Marcia Gurganus brought a qui tam action in the name of the state of Michigan against CVS Caremark Corp. and numerous other pharmacy operators, alleging the defendants violated a state statute by improperly retaining savings that should have been passed on to customers when dispensing generic drugs in the place of their brand-name equivalents. Under the statute, when a pharmacist receives a prescription for a brand-name drug and instead dispenses the generic equivalent, the pharmacist must "pass on the savings in cost to the purchaser. After similar actions were consolidated, the trial court granted summary judgment in favor of the defendants. The plaintiffs appealed, and the court of appeals reversed. The supreme court then granted certiorari. The supreme court found the complaints failed to plead facts with sufficient particularity to survive summary judgment. The plaintiffs attempted to derive the wholesale costs of drugs dispensed by all the Michigan defendants by extrapolating from the wholesale costs in a single set of proprietary data from a single Kroger pharmacy in West Virginia. The supreme court held the inferences and assumptions required to implicate the defendants, based on the limited data presented, were simply too tenuous to support the plaintiffs' claims. The plaintiffs' overbroad approach in identifying all transactions in which a generic drug was dispensed failed to focus on the only relevant transactions, namely those involving the dispensing of a generic drug in place of a brand-name drug. That overbroad pleading method was deficient, particularly given the plaintiffs' burden to plead instances of fraud with particularity. The supreme court further held the plaintiffs' claims under the Health Care False Claims Act (HCFCA) and the Medicaid False Claims Act (MFCA) were derivative of their claims under the state statute at issue and, as a result, were also subject to dismissal. Accordingly, the supreme court reversed the court of appeals' judgment and reinstated the trial court's grant of summary judgment in favor of the defendants.
CVS Caremark Corporation Approves Quarterly Dividend, Payable on August 1, 2014
Jul 10 14
CVS Caremark Corporation announced that its board of directors has approved a quarterly dividend of $0.275 per share on the corporation's common stock. The dividend is payable on August 1, 2014, to holders of record on July 21, 2014.
CVS Caremark Corporation Presents at Jefferies 2014 Global Consumer Conference, Jun-19-2014 10:00 AM
Jun 9 14
CVS Caremark Corporation Presents at Jefferies 2014 Global Consumer Conference, Jun-19-2014 10:00 AM. Venue: The White Elephant Hotel, Nantucket, Massachusetts, United States. Speakers: David M. Denton, Chief Financial Officer and Executive Vice President, Helena B. Foulkes, Executive Vice President and President of CVS Pharmacy, Inc.
Drogarias Pacheco Reportedly Rejects CVS' Bid
May 22 14
Drogarias Pacheco S.A has reportedly rejected a formal bid of BRL 4.5 billion from CVS Caremark Corporation (NYSE:CVS), according to Exame. Patria Investimentos is advising CVS while Drogarias enaged Morgan Stanley for in the negotiations, according to Exame. Reuters added that representatives for Drogarias said hat the company would not confirm the report while representatives for Patria Investimentos declined to comment. CVS's public relations Director declined to comment and Morgan Stanley in Brazil did not immediately respond to request for comment.