CVS Beats Out UnitedHealth for Calpers Pharmacy Benefits Deal

Editor’s Note: This isn’t just another corporate contract—it’s a major shift in who controls prescription benefits for a huge chunk of California’s workforce. Calpers is one of the biggest public pension funds in the U.S., so this deal solidifies CVS’s grip on the pharmacy benefits market while dealing a blow to UnitedHealth’s ambitions in the space. For everyday folks, it could mean changes in how they access medications, depending on how CVS structures the plan. Bottom line: It’s a power move in the ongoing battle over who gets to manage America’s prescription drug spending.