Anthem Inc (NYSE: ANTM) announced that they will partner with CVS Health Corp (NYSE: CVS) in launching their own pharmacy benefit management company called IngenioRX that will take place in January of 2020. The company’s contract with Express Scripts expires at the end of 2019 and would rather gain better control over their drugs that are covered for their customers instead of renewing the contract or hand off prescriptions to another company.
This new partnership involves a five-year agreement with CVS Health and the new company will provide engagement initiatives and market lending pricing with CVS’s point of sale engagement such as member messaging and Minute Clinic.
Anthem and IngenioRX will be a separate partnership and have their own management team to sell services to more than the 14 states where Anthem already operates Blue Cross and Blue Shield. Anthem will have full control over clinical decisions regarding to the coverage of drugs while IngenioRX handles marketing, sales, account management, as well as retail network strategy.