PROJECTED SAVINGS OF $65 MILLION
AEPC is pleased to announce that CVS Health has been selected as the preferred vendor for pharmacy benefits for its member organizations after an extensive Request for Proposal (RFP) process. CVS Health offers leading-edge solutions that are targeted to control cost and improve the health of plan participants. The financial terms of the new agreement are projected to save $65 million over the course of the three (3) year agreement—an estimated 10.8% improvement as compared to the current pricing. Estimated savings of the CVS Health financial offer are nearly two (2) times greater than that of the next closest bidder.
AEPC member organizations can realize additional savings through the adoption of CVS Caremark programs. The CVS Health Advanced Controlled Specialty Formulary (ACSF) program for example, would provide an additional $5.1M in savings if adopted by all AEPC member organizations. ACSF is a step therapy program for 13 specialty drug classes where a therapeutic alternative is available.
AEPC engaged Remedy Analytics, a leading national pharmacy consultant to conduct the RFP. Remedy Analytics’ clients include sophisticated payers of PBM services in technology, financial services, telecommunications, utilities, media, insurance, retail, unions and government sectors.
AEPC continues to aggressively negotiate market-leading financial arrangements that provide additional savings and value to AEPC member organizations. This could not be achieved without the collective purchasing power of AEPC and its 165,000 covered lives in the prescription drug program. AEPC member organizations’ commitment to value purchasing initiatives provides union represented workers and their dependents access to cost effective and high quality healthcare.
For additional information, or if you have interest receiving a copy of Remedy Analytics’ RFP Evaluation Summary report, please contact:
Suzanne Daniels, Ph.D.
Office: (248) 792-2187
Email: [email protected]