Walgreens Breaks Up With CVS Caremark

Walgreen Company, the parent of the Walgreens drugstore chain, says it will no longer participate in any new or renewed prescription drug plans managed by the CVS Caremark pharmacy benefit manager.

Walgreens, Deerfield, Ill., has concluded that the partnership is no longer in the best interest of its customers, pharmacists, and shareholders, the company says. Walgreens will continue to participate in CVS Caremark plans that are already in place.

Walgreens says it gets too little information when CVS Caremark, a unit of CVS Corp., Woonsocket, R.I., transfers a plan from one CVS pharmacy network to another, differently priced network.