The nation’s second-largest health insurer, Anthem, has announced it will launch its own pharmacy benefit management (PBM) company in partnership with CVS Health in 2020, breaking off its rocky relationship with Express Scripts.
Express Scripts had said earlier this year it would likely lose Anthem, its biggest client, due to being far apart on price concessions for the final years of their contract, due to expire at the end of 2019. Anthem had also sued for $15 billion, alleging Express Scripts was overcharging the insurer.
The Wall Street Journal reported Anthem’s new PBM, called IngenioRx, will likely go after the business of other Blue Cross Blue Shield insurers. The financial terms of the deal with CVS were not disclosed, though Anthem did say the new contract will last for five years.
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John joined TriMed in 2016, focusing on healthcare policy and regulation. After graduating from Columbia College Chicago, he worked at FM News Chicago and Rivet News Radio, and worked on the state government and politics beat for the Illinois Radio Network. Outside of work, you may find him adding to his never-ending graphic novel collection.