CVS Caremark

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Advocate to partner with CVS MinuteClinics in Ill.

A nurse practitioner checks a patient at the Minute Clinic on N. Southport in Chicago. (Nuccio DiNuzzo /Chicago Tribune)

Advocate Health Care, the state’s largest provider of medical care, has signed with CVS Caremark Corp. to provide medical directors and related clinical expertise to the pharmacy giant’s nearly two dozen retail clinics in Illinois.

The agreement calls for CVS’ 23 MinuteClinic brand clinics in the Chicago area and Bloomington, and Advocate, which operates 10 hospitals in Illinois, to work together on a variety of protocols in a more robust relationship between the traditional provider of inpatient and outpatient medical care and a retail clinic. Financial terms were not disclosed. Get the full story »

Shares dip as CVS speeds CEO succession

CVS Caremark Corp. said Monday that Larry Merlo will take the reins as the drugstore chain operator’s chief executive in March, two months earlier than expected.

Merlo, who is CVS’ chief operating officer, will become CEO March 1, replacing Thomas Ryan. He had been expected to become CEO in May, according to a succession plan laid out last year. The company did not explain why Merlo’s start date had been moved up. Get the full story »

Report: Walgreen to sell pharmacy benefits unit

Drug store chain Walgreen has hired Bank of America  to help auction its pharmacy benefits management business, Bloomberg reports, citing three people with knowledge of the matter. Get the full story »

CVS warns of slower earnings growth in 2011

CVS Caremark Corp. warned that 2011 earnings growth could fall below its long-term goals as it spends money to streamline its pharmacy benefits management business and as fewer generic drugs hit the market.

Shares in the company, which operates drugstores and manages prescription drug plans, fell 3 percent Friday. Get the full story »

FDA warns Walgreens about mouthwash claims

The Food and Drug Administration on Tuesday warned Johnson & Johnson, CVS and Walgreens to stop making “unproven“ claims that their mouthwash products are effective in removing plaque or preventing gum disease.

In a warning letter sent to each company, regulators specifically targeted Johnson & Johnson’s “Listerine Total Care Anticavity Mouthwash“, CVS’s “CVS Complete Care Anticavity Mouthwash“ and Walgreen’s “Walgreen Mouth Rinse Full Action.” Get the full story »

Prescription business brisk in 2Q

Prescriptions increased in the second quarter for some of the largest U.S. drugstores and pharmacy benefits managers despite the weak economy, an analyst for Fitch Ratings said Friday.

Analyst Bob Kirby said prescriptions for Medco Health Solutions Inc. and Express Scripts Inc. and for the drugstores Walgreen Co. and CVS Caremark Corp. rose 5.2 percent from a year earlier. Kirby said he expects similar growth for the rest of the year assuming economic conditions don’t change much. Get the full story »

Target adding 5 in-store clinics in Chicago

Target will open five retail health clinics in the area next week. (Phil Velasquez/ Tribune)

Target Corp., renewing its push into retail medicine, will open five clinics in Chicago area stores, giving a boost to a form of health care delivery that has seen slower growth amid the economic downturn.

Like its rivals, Target’s clinics will be open seven days a week with no appointment needed. They treat patients for routine illnesses and injuries such as ear and sinus infections, skin treatments and certain vaccinations. Get the full story »

Redbox strikes deal with CVS

(AP Photo/Elaine Thompson)

Oakbrook Terrace-based Redbox announced Thursday that it has reached a deal with CVS/pharmacy to roll out DVD rental kiosks at CVS and Longs Drugs locations nationwide and in Puerto Rico.

The $1-per-night DVD vendor, a subsidiary of Coinstar Inc., said about 700 kiosks will arrive at CVS locations by the end of 2010, and expand to thousands of locations by the end of 2011. Get the full story »

Aetna deal offsets 2Q weakness at CVS Caremark

CVS Caremark Corp. Wednesday reported weaker quarterly earnings and lowered its profit forecast, but shares rose as investors approved of a large pharmacy benefit management services contract struck with Aetna.

CVS Caremark will administer Aetna’s retail pharmacy store network and manage customer service. It will also handle prescription drug purchasing, manage inventories and fill prescriptions for Aetna’s mail-order and specialty pharmacy operations. The contract will ramp up over several years and bring in revenue of $8.2 billion next year. CEO Tom Ryan said the 12-year contract is the largest and longest contract in the industry. Get the full story »

Moody’s lifts Walgreens on deal with CVS

Moody’s Investors Service lifted its ratings outlook on Walgreen Co. (WAG) to stable from negative after the drugstore chain resolved a spat with CVS Caremark Corp. (CVS).

Walgreens agreed to new terms last week under which it will continue to participate in the smaller rival’s pharmacy benefit network. Chief Executive Greg Wasson said then he was “pleased” with the outcome. Walgreen had said earlier this month it planned to pull its stores from the network. Two days later, CVS Caremark said it planned to drop Walgreen by July 9. Get the full story »

CVS makes case for Saturday mail delivery

The Postal Regulatory Commission heard testimony Monday from businesses that oppose an  end to mail delivery on Saturdays, a move the postal service says would save more  than $3 billion annually.

Among them, CVS Caremark Co. said a five-day delivery service would impede the growth of mail-order pharmaceuticals and keep vital medications from patients. Get the full story »