NEW YORK — After Walgreen Co. and CVS Caremark Corp. settled their battle over prescription reimbursement rates last month, executives from each company said the deal benefits the chains and their patients.

After Walgreen Co. and CVS Caremark Corp. settled their battle over prescription reimbursement rates last month, executives from each company said the deal benefits the chains and their patients.

"The agreement assures choice and convenience for the many consumers who look to us for quality pharmacy care," Walgreens executive vice president of pharmacy Kermit Crawford commented on the day the deal was announced. "The agreement will allow us to continue to meet the needs of our customers across the country through the CVS Caremark network."

Under the terms of the settlement reached late last month, Walgreens will continue to participate in the CVS Caremark retail network for current, new and renewed plans. With the continuing participation of Walgreens, CVS Caremark’s network will have more than 64,000 pharmacies.

"This new contract provides enhanced network stability and allows us to continue to fulfill our obligation to deliver cost-effective pharmacy benefits for our clients," said Per Lofberg, president of CVS Caremark’s PBM business.