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CVS Caremark will acquire Universal American's Medicare Part D business
Sunday, 01 May 2011 14:10

CVS Caremark will acquire Universal American's Medicare Part D businessEarlier this week, CVS Caremark announced that it will soon complete the acquisition of the Medicare Part D business of Universal American, whose shareholders will be paid $1.25 billion. The two organizations will work together to integrate their Medicare Prescription Drug Plans, which are expected to more than double the size of CVS Caremark's current Medicare Part D program.

This type of insurance for seniors is part of the federally subsidized prescription benefit program for eligible seniors who are 65 or older. Given the nation's rapidly expanding elderly population, prescription drug coverage by Medicare is said to be one of the most lucrative segments of the pharmacy benefit management market.

"This transaction will make CVS Caremark a top provider of service in Medicare Part D, one of the nation's fastest growing healthcare segments," said Per Lofberg, who serves as president of CVS Caremark Pharmacy Services. "This acquisition will strengthen our business and allow us to expand products and services to Medicare beneficiaries while we work to lower the cost of pharmacy care."

The American Association of Retired Persons estimates that there are 44 million Medicare beneficiaries in the U.S., and that enrollment may rise to 79 million by the year 2030.
 

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