CVS Caremark's Smaller Competitors Seek Government Review
April 15 2009 - 9:30AM
Dow Jones News
Independent pharmacies, feeling the effects of a more powerful
CVS Caremark Corp. (CVS), are asking the U.S. government for help,
two years after the predecessor drugstore and pharmacy benefits
manager companies merged.
While the merger may not have had the expected impact on larger
players in the drugstore and PBM industries, it has hurt some
small, locally owned pharmacies finding it tougher to compete
against the hybrid company.
As a result, the trade group National Community Pharmacists
Association wants the Federal Trade Commission to reopen the CVS
Caremark merger in order to address what the group considers
anticompetitive behavior, such as using private patient information
to steer Caremark benefit-plan members to CVS stores.
CVS Caremark, which operates 6,900 drug stores and is the
nation's second-largest pharmacy benefits manager, denies
wrongdoing and calls the suggestions of data misuse
"unsubstantiated and unfounded."
Government action likely would depend primarily on whether the
consumer is the one hurt rather than competitors.
"The antitrust laws really are not there to protect competitors,
and in fact every time a competitor complains it's looked at with
suspicion," said Joseph J. Simons, former director of the FTC's
competition bureau.
If the merger caused consumer prices to rise, however, that
would raise a legitimate question, he added. The FTC doesn't mind a
reduction in consumer choice as long as the customer receives a
lower price, according to Simons, now a partner at Paul, Weiss,
Rifkind, Wharton & Garrison LLP.
The FTC can reopen completed mergers, impose civil penalties and
require companies to remedy any anticompetitive problems.
Divestitures are possible, although highly unlikely in this case.
FTC spokesman Mitchell Katz, not commenting on CVS Caremark, noted
the agency has a division devoted to making sure mergers comply
with the law, and conducts retrospectives to see whether mergers
reduced competition.
The NCPA is trying to arrange a meeting with the new FTC
chairman, Jon Leibowitz.
"We believe that if they were to investigate, that all the
issues would come to light and would lead them to reopening the
merger," NCPA General Counsel Joanne Thelmo said.
The group, in comments last month to the FTC, raised "serious
concerns that CVS is using confidential private information about
consumers secured from Caremark to attempt to drive consumers to
CVS stores," in violation of the "firewall commitment CVS has made
to consumers and other pharmacies."
Similarly, the California Pharmacists Association last month
told the FTC about "unfair and anticompetitive business practices"
by CVS Caremark. The group said patients report that CVS contacted
their doctors without their knowledge to solicit prescriptions for
maintenance medications.
CVS Caremark denies inappropriate conduct and says the company
complies with privacy standards and laws. "CVS Caremark places the
highest priority on maintaining our customers' privacy," company
spokeswoman Carolyn Castel told Dow Jones Newswires.
Employers choose plan designs and decide whether members may buy
chronic medications at any pharmacy in the drug plan's network or
only through mail. CVS Caremark members with "mandatory mail" plans
can buy the same 90-day supply for the lower mail-order copayment
at CVS stores.
Drug delivery through pharmacy and mail is not something most
local pharmacies can offer and was an issue when the Los Angeles
Unified School District switched its PBM contract to CVS Caremark
this year.
Richard Kane, owner of an Encino, Calif., pharmacy, said he
started hearing from several customers that their employer's new
drug plan requires them to buy maintenance medications either at a
CVS drugstore or through Caremark's mail-order pharmacy.
Following that, Kane arranged a protest, and most of his 50
affected customers signed a "freedom of choice" letter that he
faxed to the school district.
For its part, the district said it is saving up to $15 million
over three years by using CVS Caremark for the 100,000 members
under its plan, said George Tischler, the district's chief risk
officer. He added that members are saving money and "have a great
prescription drug plan," and noted that the district's health
benefits committee, which includes unions, recommended the CVS
Caremark bid.
-By Dinah Wisenberg Brin, Dow Jones Newswires; 215-656-8285;
dinah.brin@dowjones.com