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CVS Health Sued For Taking Money From Hospitals Serving Low-Income Patients: Report

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  • Attorney General Letitia James filed a lawsuit in New York, claiming that CVS Health Corp (NYSE: CVS) violated state antitrust law by forcing hospitals that serve low-income patients to pay to access discounted prescription drugs, Reuters reported.

  • According to the lawsuit, CVS abused its market power by requiring hospitals and clinics to use a CVS subsidiary, Wellpartner, to fill prescriptions for discounted drugs at CVS pharmacies.

  • "While safety net health care providers are tackling public health crises and helping underserved communities, CVS is robbing them out of millions of desperately needed funds that could improve patient care," James said.

  • "These allegations are without merit, and we will defend ourselves vigorously," CVS said.

  • James' lawsuit alleges that CVS refused to contract with providers that did not use Wellpartner to obtain 340B benefits. As 340B rules forbid providers from steering patients away from particular pharmacies, the providers were forced either to start using Wellpartner or to forego 340B discounts.

  • Price Action: CVS shares are down 0.28% at $95.26 during the market session on the last check Friday.

  • Photo by Okan Caliskan from Pixabay

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