This is an ongoing investigation and pending class action against Advance PCS, which is a Prescription Benefit Manager acting as a purchasing agent for its plan sponsors.
This class action antitrust lawsuit alleges the existence of a horizontal agreement among competitors having the effect of restraining trade in the drug dispensing industry. The class action lawsuit alleges that the plan sponsors, through Advance PCS, eliminate competition for dispensing services, thereby reducing the reimbursement rates paid to retail pharmacists.
The claim also alleges that Advance PCS uses its market power to create artificial vertical advantages for its own mail order pharmacy business.
The suit seeks relief on behalf of retail pharmacists harmed by the alleged conspiracy.
Name (Stock Symbol)
AdvancePCS Inc. was a large prescription benefit plan administrator. Caremark Rx Inc. acquired AdvancePCS Inc. in 2004. In 2008, Caremark RX merged with CVS to create CVS Caremark (NYSE: CVS).
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