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WEDNESDAY, Oct. 10, 2018 (HealthDay News) — A $69 billion merger between health insurer Aetna and pharmacy manager CVS Health has been approved, according to the U.S. Justice Department.<\/p>\n
Under the approval, Aetna must sell off its private Medicare drug plans, The New York Times<\/i> reported.<\/p>\n
CVS Health was the last of the large independent pharmacy managers to reach a deal with a major insurer. Last month, the Justice Department approved insurer Cigna’s takeover of pharmacy manager Express Scripts, The Times<\/i> reported. The companies involved in these mergers say they will improve coordination of care for consumers, but critics say consumers could be left with far fewer choices and potentially higher costs.<\/p>\n
“This type of consolidation in a market already dominated by a few, powerful players presents the very real possibility of reduced competition that harms consumer choice and quality,” George Slover, senior policy counsel for the advocacy group Consumers Union, said in a statement, The Times<\/i> reported.<\/p>\n