The CNBC reported on Wednesday that PFE’s Viagra, Pfizer will be scraped off the list of Discount retail chain CVS’s drug insurance benefits. Viagra is the famous erectile dysfunction drug. CVC pharmacy pointed out that the drug is one of the 26 drugs that are being eliminated from the standard formulary in 2016.
Christine Cramer, who is the company’s spokesperson, explained to CNBC that excluding the drug from CVC’s drug insurance benefits does not affect its availability in their stores countrywide. She stressed that the move is motivated by the company’s standard formulary directed to payors who have their pharmacy benefits managed by CVC through CVC/Caremark in form of PBM.
The company is planning to start relaying the information about the new changes to physicians and members at the beginning of fall.
Cramer added that CVC pharmacy’s main concern is the suitability of the drugs that are approved in the standard formulary because it allows the company to continue to make high-quality products encompassed in all covered categories of drugs accessible to plan members. She also stated that removal of drugs should not cause any alarm to members since there are equally suitable products on the formulary at an even lower cost.
Bloomberg was the first media to report the matter on Tuesday. The report indicated that CVC’s clients can be covered for Cialis ED drug known as Eli Lilly’s (LLY) from the 1st of January.
CVC’s shares were high on Monday at around 0.8% in midday trade.
During CVC’s quarterly conference call that took place on Tuesday, the company publicized its general strategy that contains 26 extra products that are going to be expunged from the standard formulary in 2016. The company supported the move because it believes that it will promote clinical integrity, reduce pharmacy costs and smoothly integrating members into the formulary.
Pfizer sent a press release to CNBC stating that the company is committed to availing medicines to patients. It also acknowledged that the company has a strong relationship with CVC and its affiliate Pharmacy Benefit Management company, Caremark. Pfizer also ascertained that its medicines are still available through CVC’s formularies. The company also assured its customers that Viagra will still be readily available in the marketplace and patients who are covered by Caremark can still access the drugs.