Pharmacy benefits manager CVS Caremark has agreed to pay $5 million to settle an investigation by the Federal Trade Commission that it overcharged seniors and taxpayers in the Medicare prescription drug program. The FTC also announced it has concluded its investigation of the company.
Not everyone is happy with the settlement, however. In a statement following the FTC’s announcement, Douglas Hoey, CEO of the National Community Pharmacists Association said that while he appreciates the FTC investigation, “it is regrettable that the FTC’s actions fell short of more robust protections for consumers and pharmacy competition, which are warranted, in our view. NCPA provided to the agency what we believe to be compelling evidence, including one-sided contract terms with pharmacy small business owners, patient privacy concerns and a lack of transparency.”
