CVS CAREMARK PRESCRIPTION DRUG PRICE INCREASES

 

To: All Formerly Represented Retirees

 

Over the last few weeks there have been many complaints/concerns from both the formally represented retirees, as well as the active participants in the Nokia CVS Caremark prescription drug plan, regarding prescription medication price increases. These increases seemed to affect primarily generic drugs.

Both CWA and IBEW escalated those concerns to the Company along with a request to meet. On July 22, 2021 Nokia met with CVS Caremark over these concerns.

It was discovered that in many instances the recent price increases were due to both an increase in the manufacturers’ ingredient costs AND an increase in the contractual pricing from CVS. As a result of the meeting with Nokia, CVS Caremark, recognizing the problem, agreed to lower the price of many of the impacted drugs. However, please be aware that some prescription medications may still experience price increases over time due to prescription drug inflation, which often outpaces general inflation.

CWA and IBEW requested that Nokia work with CVS Caremark to find a way to assist our retirees who experienced the recent higher medication costs. We are waiting to see what, if anything, can be done. While we are upset that this happened, we are pleased that the Company and CVS Caremark were responsive to our concerns and provided a quick turnaround.

If you have any questions or concerns, please don’t hesitate to reach out to me.

In Unity,

Mary Jo Reilly