Report: CVS Caremark to merge PBM units

WOONSOCKET, R.I. CVS Caremark is looking to integrate the five units of its pharmacy benefit management division, a move it believes will improve internal processes, productivity and costs, according to a Bloomberg News report.

Per Lofberg, who has served as president of the PBM business since early January, told Bloomberg News that it will make a "substantial" investment to complete the integration of the information and database systems of the five PBM operations CVS has bought in recent years -- Rx America, bought in 2008 along with Longs Drug Stores; Caremark Rx and PharmaCare division, part of the 2007 Caremark acquisition; and PCS Health Systems, along with its Advance PCS unit purchased in 2003.

"We are just in the first inning of an important initiative for us," he told Bloomberg in a recent interview. "I see it as a big opportunity to improve our processes, productivity and costs. We have a lot more work ahead."