The Oklahoma Insurance Department has entered into a settlement agreement with CVS Caremark over transaction fees the pharmacy benefit manager charges pharmacists to process Medicare Part D and group health plan claims, the agency announced Thursday.
The CVS Health subsidiary will pay $4.8 million to settle the alleged violations of the state’s Patient’s Right to Pharmacy Choice Act. CVS Caremark will pay $2.3 million in restitution to drugstores and $2.5 million in penalties to the state.
“CVS Caremark was cooperative during our investigation, we were able to work together through negotiations to ensure there is a level playing field that is abiding by the rules of [Patient’s Right to Pharmacy Choice Act] and other PBM statutes,” Oklahoma Insurance Commissioner Glen Mulready (R) said in a news release. “With the rising cost of healthcare throughout the pandemic, it is more important than ever to ensure companies fully comply with our laws