[Visual cue] Open on CVS Caremark® logo, image of people, with on-screen text: “The myths about disaggregation” 

VO from narrator: “When it comes to pharmacy benefit management, there’s a lot of buzz around disaggregation.

[Visual cue] Footage changes to images of a pharmacist with medications

VO from narrator: “Disaggregation sounds great on paper. More vendors, more control, right?”
 
[Visual cue] Provider holds up a question mark on paper, hands move chess pieces apart, then footage swaps to a business meeting, and a member checking medication
 
VO from narrator: “But the truth is that breaking PBM services into separate parts often leads to more work and responsibility for you. And it leads to more confusion, gaps in care, and frustration for your members.” 
 
[Visual cue] Brand pattern and text on-screen: “Let’s bust 4 big myths about disaggregation” 
 
VO from narrator: Let’s bust 4 big myths about disaggregation and show why integration is a better solution for your team and your members.
 
[Visual cue] Footage shows medication, a pharmacist, and data generating on a computer, with text on screen mirroring the narration 
 
VO from narrator: “Myth 1. Integration isn’t aligned to the customer’s needs. Actually, integration is all about alignment. We connect the dots using data from pharmacy and medical claims to lab results, to demographics and biometrics. This is how we personalize care, close gaps, and improve outcomes. The results?” 
 
[Visual cue] Footage shows a waiting room, medication, business meetings, providers talking to members, and members getting medications at pharmacies and delivered at home. 
 
VO from narrator: “A 12% reduction in unnecessary emergency room visits. Up to 1.28% annual drug spend savings. For example, if an employer has a drug spend of 1,000,000 annually, integrating their medical and pharmacy benefits would save them $12,800. Disaggregated vendors may specialize in one area, but they don’t see the whole picture. We combine data and clinical expertise to make it easy for members to get what they need. This leads to fewer ER visits, better adherence, and lower drug spend.

With over 64,000 pharmacies in our network, the largest in the industry, clients choose the network and members choose where and how they get their meds through interventions and counseling.
Every pharmacist in every pharmacy in our network plays an important role in helping members close gaps in care. Disaggregated plans leave members wondering who to call when they have questions.

We keep it simple, connected, and focused on better outcomes.”
 
[Visual cue] Footage of medication in factories, doctors discussing plans, pharmacist checking details for a member and pulling medication 
 
VO from narrator: “Myth 2. Vertically integrated PBMs are more incentivized to push pricey drugs than to find the safest, most affordable options. Not true. Our goal is better health, not more profits or fills. Clinical experts guide our utilization, management and formulary decisions, not pharmacy sales. We build clinical checks into every claim and formulary, asking is it safe, is it right for the condition? Is it cost effective without compromising care?

And because we see the full picture, we catch things that could fall through the cracks, like adding supplies a member needs to stay on track. Disaggregated vendors only see their piece of the puzzle.”
 
[Visual cue] Health data and charts fill the screen, then shows members, providers, pharmacists, people getting medications and working out. Text on-screen mirrors narration. 
 
VO from narrator: “Myth 3. Disaggregation gives you best of breed in all areas. Disaggregated vendors may be good at one thing, but they can’t see the whole picture. We can. CVS Caremark® already brings together best in class services and integration makes them even stronger.

By connecting medical, pharmacy, claims and care data across our organization, we deliver tailored support that helps members better manage their conditions and keep symptoms in check.

Our data connectivity powers smarter care and lower costs for you and your members.
Programs like Transform Diabetes Care® and CVS Weight Management® help members manage conditions, reduce meds when appropriate, and avoid complications. We create customized interventions across 5 clinical impact areas to help improve outcomes. Programs like these really work, increasing adherence by 6.1% and reducing clients GLP one spend by 42%. Disaggregated vendors only specialize in one area, but our in house expertise is as wide and broad as our network and our businesses are connected. So however a member chooses to interact with us online, at a retail store or on the phone, we can help them.
 
[Visual cue] Footage shows members, providers, colleagues checking on data, medications on-shelf, and pharmacists talking to members about medications. Text on-screen mirrors narration.
 
VO from narrator: “Myth 4. Integrated PBMs are working for pharma, not for you.
Making money off rebates instead of prioritizing clients. That’s a common misconception.

We pass back over 99% of rebates to clients. This helps lower overall costs.

Plus, 90% of the drugs we dispense are generics, which typically don’t have rebates.

And PBMs operate on slim margins, around 3 to 5%, which is far lower than pharmaceutical companies and other health care industries. Clients can choose how they want to handle rebates and pricing, giving them more transparency and control over their costs. They may choose a spread pricing model where PBM bill payers a higher price than it reimburses the pharmacy.

Many think we profit off spread pricing, but the truth is the average spread is just 1.5%, far far lower than the average EBIT margins of the top six US pharmaceutical companies, which is 37%.

We advocate for our clients and their members by negotiating directly with manufacturers, using our scale to secure the lowest possible prices. We’ve also created CVS Caremark TrueCost®, the industry’s first acquisition based pricing model. TrueCost is more transparent for clients, more predictable for members, and more reliable for pharmacies. Our goal isn’t to profit on rebates. Instead, we’re focused on driving real value through transparency, affordability, and better outcomes. 
 
[Visual cue] Hands put puzzle pieces together 
 
Visit Business Caremark dot-com to learn how integration drives savings and connects care.” 
 
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