CVS Caremark secures $3.4B North Carolina pharmacy benefit management contract

North Carolina awarded CVS Caremark, CVS Health's pharmacy benefit manager, a $3.4 billion contract to serve the state's 727,000 public employees. 

The three-year contract, awarded by the State Health Plan Board of Trustees, aims to save taxpayers $701 million, according to a Jan. 6 news release

CVS Caremark is the state health plan's current pharmacy benefit manager, managing a contract that expires Dec. 31, 2022. The new contract will begin Jan. 1, 2023, and span through the end of 2025, with the option for two one-year extensions. 

The state opened a request for proposals on May 21, 2021. CVS Caremark beat out Blue Cross Blue Shield of North Carolina with Prime Therapeutics, Express Scripts and OptumRx to earn the contract.

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