CVS launches program aimed at tackling high cost of medication

Drug store chain CVS Health Corp. CVS, +1.04% said Wednesday it is launching a program aimed at helping its customers, pharmacists and doctors tackle the rising costs of medication. The company said its new CVS Pharmacy Rx Savings Finder will enable retail pharmacists to quickly find prescription savings, including medications for many common or chronic conditions that are available for zero copay. It will also provide prescribers with access to lower-cost medications through their electronic health record system and to CVS Caremark members through the member portal and updated app. "Today's consumers are faced with higher prescription drug prices than ever before and many of them are now paying for a larger share of their prescription drug costs out of their own pockets at the pharmacy counter due to growth in high deductible health plans," said Thomas Moriarty, Chief Policy and External Affairs Officer, CVS Health. CVS shares were slightly lower premarket and have lost 18% in the last 12 months, while the S&P 500 SPX, +1.67% has gained 13%.