State Comptroller Kevin Lembo is predicting a new contract with CVS Caremark, the state’s pharmacy benefit manager, will reduce Connecticut’s pharmaceutical costs by approximately 10 percent.
The Democrat administers health care and prescription benefits on behalf of more than 200,000 state and municipal employees, retirees and their dependents.
Lembo is hailing the new agreement as one of the most “innovative and transparent pharmacy benefits contracts in the nation,” setting an example for other large employers. It requires CVS Caremark to disclose all revenue sources, including drug manufacturers, with the benefit entirely passed on to the state.
Lembo notes that’s in contrast to the current system, where employers and patients “know little to nothing about where their money is going.”
The deal also addresses medication waste, limiting first-time prescriptions to 30 days.
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