April 11, 2018 / 2:59 PM / 2 years ago

CVS rolls out new tool to combat rising drug prices

The CVS logo is seen at one of their stores in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly

(Reuters) - Drugstore chain CVS Health Corp on Wednesday launched a new tool that will allow pharmacies help customers tackle the soaring cost of drugs by comparing prices of medicines.

U.S. healthcare companies, ranging from insurers to drug retailers, are stepping up efforts to combat rising drug prices that has been widely criticized by regulators and has led to federal investigations.

CVS’ tool, called the Rx Savings Finder, will enable the company’s retail pharmacists to find medicines that are the cheapest option for patients according to the insurance plans they are signed up for.

Largest U.S. health insurer UnitedHealth Group last month vowed to pass on pharmacy discounts to customers while filling prescriptions via retail pharmacies and home delivery services.

CVS is in the process of acquiring U.S. health insurer Aetna Inc for $69 billion.

Reporting by Tamara Mathias and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila

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