CVS Caremark extends contract with Blue Cross Blue Shield's FEP

WOONSOCKET, R.I. CVS Caremark has extended its contract to provide retail PBM services and all clinical services for the Blue Cross Blue Shield government-wide service benefit plan, also known as the FEP.

The three-year contract, originally due to expire at the end of 2010, has been extended through the end of 2011. CVS Caremark has administered FEP's retail PBM program since 1993.

"We are pleased that FEP has chosen to continue its relationship with CVS Caremark," stated Tom Ryan, chairman, president and CEO."FEP is a highly-valued client and we are committed to continuing to deliver FEP?s employees, retirees and their families with innovative services, lower costs and expanded choices in pharmacy health care."

FEP covers about 4.9 million federal employees, retirees and dependents. The retail and clinical portion of the program generates about $4 billion of revenue annually.