Caremark Rx, Inc. Wins Two-Year Retail Services Contract Renewal With Blue Cross and Blue Shield Association Federal Employee Program.NASHVILLE, Tenn. -- Caremark Rx, Inc. (NYSE NYSE See: New York Stock Exchange : CMX CMX Corel Presentation Exchange (file extension) CMX Cisco Mobile Exchange CMX Cloaca Maxima (sewage system of ancient Rome; Finnish rock band) CMX Crisis Management Exercise ) today announced it has been awarded a two-year contract renewal to provide retail pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. services to 4.5 million federal employees, retirees and dependents enrolled in the Blue Cross and Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. Government-wide Service Benefit Plan, also known as the Federal Employee Program (FEP See front end processor. ). Under terms of the agreement, which is effective for 2006 and 2007, Caremark will continue to manage a comprehensive suite of services for FEP, including a retail pharmacy network, online claims processing and formulary formulary /for·mu·lary/ (for´mu-lar?e) a collection of recipes, formulas, and prescriptions. National Formulary see under N. for·mu·lar·y n. management. Caremark and FEP also are continuing to collaborate on the development of unique and innovative clinical programs that improve the quality of healthcare for plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . "We are extremely pleased that FEP has chosen to extend its relationship with Caremark, and we look forward to helping our client build upon its reputation as a high-quality provider of health benefits," said Mac Crawford, Caremark Chairman of the Board, President and Chief Executive Officer. Caremark administers the FEP mail service program under a separate three-year agreement that was effective on Jan. 1, 2005. About Caremark Rx, Inc. Caremark Rx, Inc. is a leading pharmaceutical services company, providing through its affiliates comprehensive drug benefit services to over 2,000 health plan sponsors and their plan participants throughout the U.S. Caremark's clients include corporate health plans, managed care organizations, insurance companies, unions, government agencies and other funded benefit plans. The Company operates a national retail pharmacy network with over 60,000 participating pharmacies, seven mail service pharmacies, the industry's only FDA-regulated repackaging plant and 21 licensed specialty pharmacies for delivery of advanced medications to individuals with chronic or genetic diseases and disorders. Additional information about Caremark Rx is available on the World Wide Web at www.caremarkrx.com. Forward-Looking Statement Certain statements contained in this press release constitute forward-looking statements contemplated under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. As such, they involve risks and uncertainties. A discussion of a number of important factors and assumptions regarding these statements and risks involved is contained in Caremark Rx, Inc.'s most recent filings with the Securities and Exchange Commission, including, without limitation, Caremark's annual report on Form 10-K for the fiscal year ended December 31, 2004, and the quarterly reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2005. |
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