New study from CVS Caremark and Employee Benefit News shows how employers rely on their pharmacy benefit manager to create sustainable pharmacy solutions

Key opportunities include: managing GLP-1s, encouraging biosimilar substitution and employing technology to simplify and personalize the member experience

WOONSOCKET, R.I., Aug. 12, 2026 /PRNewswire/ -- CVS Caremark, part of CVS Health® (NYSE: CVS), today announced the findings of a survey conducted in partnership with Employee Benefit News that reveals why employers are increasingly relying on their pharmacy benefit manager (PBM) partners to use their expertise, scale and purchasing power to help them manage their top concern: battling rising drug prices and maintaining access to quality care.

This year's The State of Pharmacy Management Survey findings show HR decision makers and executive leaders are focused on navigating the rising price of prescription drugs, managing access to expensive treatments such as GLP-1s, and encouraging the use of more cost-effective biosimilars.

Key Findings

• 91% of employers are concerned about the high prices of medication for employees
• 88% of employers see PBMs as especially well positioned to reduce prescription drug costs for their businesses
• 64% say PBMs have the greatest opportunity to improve access to affordable specialty medications

"This data reveals the urgency behind employers' need for PBM partners who can address cost, first and foremost," said Ed DeVaney, President, CVS Caremark. "There's a clear opportunity to help employers navigate the evolving pharmacy benefits landscape while driving sustainable benefits for clients and members."

Opportunity for employers to encourage greater use of biosimilars
The survey findings also illustrate that biosimilars represent one of the largest untapped opportunities for employers to reduce drug costs in the U.S. health care market, offering clinically equivalent therapies to improve affordability and enhance access without compromising safety or efficacy.

Today, only about half of employers (49%) are encouraging biosimilar substitution while another 40% are actively considering or exploring it. With just 12% of employers reporting that they are educating employees about the cost savings potential, this study illustrates a significant opportunity for employers to do more to both create better awareness and understanding of the benefits of biosimilars and help their members access them.

CVS Caremark has been an industry leader in promoting biosimilar adoption. Since April 2024, biosimilar formulary strategy has helped CVS Caremark clients and members realize more than $3.3 billion in gross savings related to Humira® (adalimumab), and the company is committed to expanding the use of low-cost biosimilars across multiple therapeutic categories.

On July 1, 2026, CVS Caremark transitioned from Stelara® (ustekinumab) on its most common commercial template formularies to prefer lower-cost, interchangeable biosimilar alternatives — Pyzchiva® and Yesintek®. Most members will pay $0 out-of-pocket for their therapy.

Employers are planning for emerging areas of pharmacy spend, including GLP-1 weight management
Weight management has moved into the benefits mainstream, becoming a core component of modern benefits strategy. Seventy-seven percent of employers say the high cost of GLP-1 coverage is a concern — with 80% having either already limited GLP-1 coverage for weight loss or considering limits.

CVS Caremark is focused on improving affordability and access to GLP-1s by increasing access to GLP-1 weight management medications this year with expanded coverage options. In addition to negotiating lower prices with drug manufacturers, CVS Caremark works with clients to leverage the right GLP-1 management strategies for each employee population, including utilization management, personalized clinical and nutrition support and more. 

The lifestyle-first approach of the CVS Weight Management™ program has driven sustainable weight loss results for members and cost savings for plan sponsors. Clients who adopted the program spent up to 26% less on GLP-1 medications for weight-loss compared to those who did not, and members who were previously on anti-obesity medication nearly doubled their pre-program weight loss while working with program clinicians on diet and lifestyle.

Digital innovation is central to pharmacy benefits
As AI and digital enablement continue to transform the health care experience, employers are looking for pharmacy benefits partners who can leverage digital tools to make support more accessible, personalized and navigable for plan members, with 88% saying that digital tools and innovation as part of the health care experience are "here to stay."

CVS Caremark invests over $770 million in technology each year dedicated to member innovation, combining human touch with streamlined digital processes so members can receive the treatment they need quickly. As a founding partner of the Coalition for Health AI (CHAI), CVS Caremark is also helping lead the way in safe and ethical use of AI in health care, all in support of improved health outcomes and a streamlined experience for members, clients and providers.

Employers see pharmacy benefit costs as harder to control than other benefits
Only 30% of employers said they have significant influence over pharmacy costs, compared to 73% who said they have significant influence over the overall cost of maintaining a competitive benefits package. At the same time, employers are looking for PBMs to help manage pharmacy spending while maintaining access to affordable treatment options. Of those surveyed, 91% say they are very concerned about high medication costs for employees.

CVS Caremark helps employers control drug costs and make medications more accessible by working with drug manufacturers to negotiate affordable drug prices for clients and members. Through the industry-leading pricing model, TrueCost™, CVS Caremark allows clients to see true drug costs through acquisition-cost-based pricing and drug-level rebate values, enabling more pricing transparency, predictability and sustainability for plan administrators and members and improving affordability for high-quality treatment.

View The State of Pharmacy Management report.

About CVS Health
CVS Health is a leading health solutions company simplifying health care one person, one family and one community at a time. As of June 30, 2026, the Company had approximately 9,000 retail pharmacy locations, more than 1,000 walk-in and primary care medical clinics and a leading pharmacy benefits manager with approximately 87 million plan members. The Company also serves an estimated 37 million people through a broad range of health insurance products and related services. The Company's integrated model uses personalized, technology driven services to connect people to simply better health, increasing access to quality care, delivering better outcomes, and lowering overall costs.

Media contact
Phil Blando
202-258-4978
[email protected]

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SOURCE CVS Health