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CVS Caremark Praises FTC Report Supporting Pro-Consumer Approach to Biogeneric Competition

WOONSOCKET, R.I., June 11 /PRNewswire/ -- CVS Caremark (NYSE: CVS) today applauded a Federal Trade Commission (FTC) report issued this week for its pro-consumer leadership in the debate about how to create a legislative pathway for the approval of biogenerics that reasonably balances innovation with competition.

Dave Golding, R.Ph., Executive Vice President for Specialty Pharmacy services at CVS Caremark, participated in an FTC Roundtable event last fall on the issue. In addition, the company has provided data to the Commission to assist in its research.

"CVS Caremark serves hundreds of thousands of patients who rely on specialty and other biologic medicines to provide life-saving treatments for their conditions. The FTC's expertise and their findings in support of a legislative pathway allowing the Food and Drug Administration to approve biogenerics in light of market-based competition that drives innovation should be heeded by Congress as we consider health care reform," Golding said.

"CVS Caremark supports the Promoting Innovation and Access to Life-Saving Medicine Act because it represents bipartisan legislation that seeks to give patients access to safe and affordable medicines, even while fostering pharmaceutical innovation. Increased competition in the biologics market will benefit health plans, employers and federal programs, and more importantly, will help make these medicines more affordable for patients, many of whom must take these medicines for their entire lives," he said.

About CVS Caremark

CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,900 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at www.cvscaremark.com/investors, as well as through the press room section of the Company's Web site, at www.cvscaremark.com/newsroom.

Media Contact:
Christine Cramer
Corporate Communications
CVS Caremark
ckcramer@cvs.com
(401) 770-3317

Steve Campanini
Corporate Communications
CVS Caremark
slcampanini@cvs.com
(401) 770-5005

SOURCE CVS Caremark

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