Medco Losing Business After Problems Involving CalPERS
In March, CalPERS discontinued contract-renewal negotiations with Medco Health Solutions following reports of alleged improper payments made to a former CalPERS board member. Last week, Medco lost a federal employee drug benefit contract worth $3 billion annually to CVS Caremark. In addition, insurer UnitedHealth Group has indicated it might transfer some of its Medco business in-house.
- "Drug Company Fired by CalPERS Now Loses $3 Billion Contract" (Kasler, Sacramento Bee, 6/2).