Anthem has found a new partner to help run prescription drug coverage after the Blue Cross-Blue Shield insurer’s rocky relationship with Express Scripts ends.
The nation’s second-largest insurer says it will create a pharmacy benefits manager called IngenioRx starting in 2020 and will work with CVS Health Corp. to manage the business. Terms of the deal were not disclosed in Wednesday morning statements from the companies.
Pharmacy benefit managers, or PBMs, run prescription drug plans for employers, government agencies and insurers, among other clients. They use their large purchasing power to negotiate prices.
Anthem Inc. sold its PBM business to Express Scripts Holding Co. in 2009 for about $4.7 billion, and the companies starting working together. They’ve squabbled publicly over prices, and Anthem sued Express Scripts last year.