Non-profit insurer Blue Shield of California plans to depend less on CVS Health as its pharmacy benefit manager and work with others such as Amazon.com and Mark Cuban's drug firm to reduce reliance on companies that negotiate drug prices.
Pharmacy benefit managers , which maintain lists of drugs covered by health insurance plans and negotiate prices with manufacturers, have recently come under scrutiny from lawmakers for their role in rising healthcare costs.
"Many in the industry will likely be watching this situation closely as managing the five partnerships could prove tricky , but if it is successful, we could see additional regionals move more in a similar direction," said Elizabeth Anderson, analyst at Evercore ISI. "We look forward to providing care for Blue Shield of California's members who require complex, specialty medications – as we have for nearly two decades," CVS said in a statement.
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