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New York Department of Financial Services superintendent Mario T. Vullo said in her opening statement for the DFS Hearing Regarding the Application by CVS Health Corporation (CVS) and CVS Pharmacy, Inc. to acquire Aetna Health Insurance Company of New York (AET) that the proposed transaction presents potential risks, to markets, consumers and the people of the State of New York. "The U.S. Department of Justice approved the CVS/Aetna transaction last week, subject to a consent decree requiring the divestiture, by Aetna, of its Medicare Part D prescription drugs coverage," Vullo said in the statement. "While that decision addressed horizontal aspects of this transaction from the insurance perspective - specifically the proposed combination of CVS and Aetna's Part D businesses - unfortunately the Justice Department has taken a very myopic view and failed to address the substantial impacts that this vertical integration would have on consumers across the country." Vullo said in her comments that there is "no question" that the transaction would have a "significant impact" on New York. She added that the issues of concern around the potential deal include the transaction's impact on premiums, its impact on pharmaceutical costs, and the notion that Aetna may create incentives to use CVS services, leading to drug price increases. Vullo added that the NY DFS has data privacy concerns and financial questions surrounding the deal. The superintendent noted the record for accepting written submissions on the matter will be closed on October 25, 2018, after which the matter will be fully submitted for the Department's determination. Reference Link

CVS Pharmacy that it has completed the rollout of time delay safes in all of its 55 CVS Pharmacy locations in Washington, DC. The safes will help prevent pharmacy robberies and combat the ongoing opioid epidemic by helping to prevent diversion of controlled substance narcotic medications by keeping them out of the hands of unauthorized individuals. In addition, the safes will help CVS Pharmacy ensure the safety and well-being of its customers and employees.