(From Stanly News & Press)
On Friday, Congressman Larry Kissell was applauding the Federal Trade Commission’s decision to investigate CVS Caremark.
CVS Caremark has announced that they are the subject of an FTC nonpublic investigation. Back in August, Kissell urged the FTC to investigate the $27 billion merger of the retail pharmacy giant and the largest pharmacy benefits manager in a letter to Federal Trade Commission Chairman Jon Leibowitz.
“I requested the FTC investigate this merger after many of my constituents and local pharmacies in my district complained of unfair business practices on the part of CVS Caremark. I appreciate Chairman Lei-bowitz and the FTC looking into this merger,” Kissell said.
“We cannot allow a company to continue to manipulate patients and drive our local pharmacies out of business. These types of unfair business practices and anti-competitive be-haviors are harmful to consumers and community pharmacies.”
Kissell called for the investigation after allegations arose involving patients receiving letters stating higher co-pays or loss of coverage unless prescriptions were transferred to CVS or Caremark mail order; non-CVS consumers having their confidential patient records used to fill prescriptions at CVS without their knowledge; and consumers having been directed by Caremark-operated Medicare Part D plans to switch their prescriptions to CVS which subsequently results in their plan charged upwards of 3,800 percent more for a drug than at their local pharmacies — pushing them through the “doughnut hole” gap in Medicare prescription drug coverage sooner.
CVS Caremark admitted to being investigated in a filing with the Securities and Exchange Commission