CVS, the second-largest U.S. pharmacy benefit manager, on Dec. 3
said it agreed to buy No. 3 health insurer Aetna for $69 billion.
Reuters reported earlier this month that the deal would change the
way top U.S. employers contract health benefits, based on early
feedback from benefits consultants.
The new Aon survey, which included responses from decision makers at
450 medium and large-size corporations, provided additional insight
into how CVS and Aetna customers may view the deal.
Sixty-one percent of survey respondents, including ones that are not
customers of CVS or Aetna, said the deal would affect their
decision-making process on health benefits, with 23 percent saying
it would accelerate a reassessment of healthcare strategy and 38
percent saying it would delay any such moves until the transaction’s
impact could be understood.
Thirty-nine percent expected no change to their overall healthcare
strategy. The survey did not determine whether major employers
expect the deal to change the cost of their health benefits, which
could affect how antitrust regulators view it.
A majority of large employers contract with separate companies to
provide prescription drug coverage and medical coverage, believing
they can keep costs lower in that way. Combining CVS with Aetna
would leave only one major pharmacy benefits company, Express
Scripts Holding Co, operating as a standalone entity. CVS and Aetna
argue they can offer bigger savings to customers by better managing
prescription drug use and expanding lower-cost medical services
offered at thousands of CVS pharmacies.
Jim Winkler, Aon senior vice president for health, said he was
surprised that as many companies thought they might make a change in
their overall healthcare strategy, whether immediately or down the
road.
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"This is on their radar screen in a bigger way than I would have
anticipated," Winkler said. "Typically employers tend to look at
this type of news and think 'it's too big, and it's too far off to
matter to me yet.'"
The Aon survey was conducted during an online seminar with corporate
decision makers on Thursday. Many participants focused their
questions on what kinds of medical services CVS might introduce in
its pharmacies, Winkler said. According to the survey, 71 percent of
respondents expect moderate changes in where their employees access
care, while 14 percent said they foresee significant changes.
Among a smaller group of 210 respondents, 52 percent surveyed by Aon
said they planned to keep their pharmacy benefits separate from
medical coverage. An additional 15 percent said they are considering
separating those contracts.
(Reporting by Caroline Humer; Editing by Michele Gershberg and Steve
Orlofsky)
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