CVS-Aetna merger wins approval

strengths and capabilities of our two companies to improve the consumer health care experience,” said CVS Health President and Chief Executive Officer Larry J. Merlo. “We are pleased to have reached an agreement with the DOJ that maintains the strategic benefits and value creation potential of our combination with Aetna. We are now working to complete the remaining state reviews.”

The state Insurance Department held a hearing on the proposed merger last week and has 30 days to make a decision.

Aetna and CVS say the merger will result in better care for consumers, and lower costs. But critics worry that consumers could end up with far fewer choices and potentially higher expenses.

George Slover, senior policy counsel for Consumers Union, said, “The combination of CVS and Aetna creates an enormous market force that we haven’t seen before, straddling more market sectors and creating new and potentially farreaching profit-maximizing incentives to undermine competition. Despite the companies’ big promises that consumers will see greater savings thanks to new ‘efficiencies,’ history has taught us to remain skeptical.”

At the state hearing on the merger, several consumer and medical groups said they were opposed to the union.

“We feel strongly that we must look beyond merely the local economic benefits and understand the devastating impact that this merger may have on access to patient care nationwide,” said Nathan Tinker, CEO of the Connecticut Pharmacist Association.