CVS Health Establishes New Benefit Management Company

NEC member CVS Health is collaborating with Anthem to create a pharmacy benefit management (PBM) company.

CVS Health entered an agreement with the insurance group to collaboratively launch Anthem’s own PBM, IngenioRX.  CVS’s PBM, Caremark, will be separate from this partnership. Anthem’s current contract with Express Scripts is expiring and instead of renewing their contract, they plan to create a PBM that will give them more control.  The five-year partnership will be on effective Jan. 1, 2020 and requires CVS to provide services that include filling prescriptions and processing claims.

According to a release, IngenioRX “will combine its member and provider engagement initiatives and market leading pricing with CVS’ point-of-sale engagement, such as member messaging and Minute Clinic.” Anthem CEO Joe Swedish stated that the company is “excited to build a game-changer in the PBM arena.”

The New England Council congratulates CVS on their new partnership. Read more in Forbes and The New York Times.

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