Professional Services agreement as the City's sole Pharmacy Benefits Manager (PBM)
About This Opportunity
Department OF Finance United States: Professional Services. Consulting contract awarded, ICT & digital. Awarded to CAREMARK INC (USD 272.0M, Jan 2022).
This is a consulting contract in the information and communication technology, education and training and finance and banking sectors, with a focus on Network Infrastructure. Located in United States, North America, this opportunity is open to firms and consortiums, with an estimated budget of USD 272.0 million.
Published through Chicago Contracts, a national government procurement portal. Public procurement tenders follow the country's national bidding regulations and may have specific eligibility and documentation requirements for consulting in the information and communication technology sector. Consulting assignments are typically evaluated with a strong emphasis on the technical proposal, including the methodology and qualifications of key experts. Shortlisted firms may be invited to submit financial proposals in a second stage. This contract has already been awarded. The information is published for transparency and market intelligence purposes.
Description
The City of Chicago, through its Department of Finance, is seeking proposals for a comprehensive Professional Services Agreement to serve as the City's sole Pharmacy Benefits Manager (PBM).
This procurement aims to secure a qualified and experienced entity to manage the City's prescription drug benefit programs effectively and efficiently. The selected PBM will be responsible for a wide range of services critical to controlling healthcare costs and ensuring access to necessary medications for eligible City employees, retirees, and their dependents.
Typical requirements for a PBM contract include the establishment and management of a pharmacy network, claims processing and adjudication, formulary development and management, drug utilization review, rebate negotiation and management, and member education services. Bidders will be expected to demonstrate robust financial stability, a proven track record in PBM operations, and a commitment to data security and privacy in accordance with all applicable regulations. The contract type, as indicated, is Comptroller-Other, and the current vendor is Caremark Inc. This tender represents a significant opportunity for a leading PBM to partner with a major municipal government in the United States, requiring a sophisticated understanding of public sector benefit administration and cost containment strategies.
Data provenance
This notice is sourced from Chicago Contracts and was originally published on January 25, 2022. Last refreshed 5 days ago. BidsFactory mirrors official procurement notices and links back to the source for full legal text.
About DEPARTMENT OF FINANCE
DEPARTMENT OF FINANCE has issued 617 procurement notices on BidsFactory, including 4 currently open and 597 awarded contracts. Activity concentrates in Finance & Banking, Audit, Accounting & Risk, and Health & Medical. Tenders span 5 countries including Australia, Ireland, and United States. Notices are distributed via Chicago Contracts, ireland_etenders_csv, and UK FTS - Find a Tender Service. Most recent publication: June 15, 2026.
Frequently asked questions about this tender
What type of contract is this?
This is a Consulting contract in the Information & Communication Technology sector. The classification helps bidders match the opportunity to their qualifications and registered scope of supply.
How much was the contract awarded for?
CAREMARK INC was awarded the contract for $272,000,000. The figure reflects the value disclosed by the contracting authority in the award notice.
Where will the contract be performed?
The contract is for delivery in United States. Foreign bidders should review local registration, taxation, and any in-country presence requirements before submitting.
How can I submit a bid?
Visit Chicago Contracts to access the full notice, required documents, and submission instructions provided by the contracting authority.
Is this tender still open?
No — the contract has already been awarded to CAREMARK INC. The award notice is archived on BidsFactory for transparency and market intelligence.
Who is the contracting authority?
This notice was issued by DEPARTMENT OF FINANCE in United States. The authority is responsible for evaluating bids, awarding the contract, and managing performance.
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