CVS Will Pay $5M To End Drug Price Investigation

By: AP
By: AP

NEW YORK (AP) -- CVS Caremark says it will pay $5 million to resolve allegations that one of its subsidiaries understated the price of several drugs on a Medicare website.

The payment will be used to reimburse Medicare prescription drug beneficiaries who paid more than they expected for the drugs, and it ends an investigation by the Federal Trade Commission. CVS Caremark Corp. says its Rx America business accidentally published incorrect drug price information on a site maintained by Medicare.

In some cases, the actual prices were 10 times higher than the listed prices, the agency said.

The FTC says drugs for which Rx America posted wrong prices included treatments for breast cancer symptoms and epilepsy. The drugs were sold at CVS and Walgreen Co. stores.

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