Blue Shield of California Looks To Cut Reliance on CVS, Taps Amazon
August 18, 2023
Reuters
Blue Shield of California is shifting away from most of CVS Health’s pharmacy benefit management (PBM) services and is partnering with Amazon, Mark Cuban’s Cost Plus Drug Company, and others to reduce drug costs for its insurance plan members. While Blue Shield will still use CVS Caremark for managing specialty drugs, it plans to save $500 million annually in drug costs by working with multiple partners for PBM services. This decision comes amid rising scrutiny of PBMs’ role in healthcare costs and concerns over CVS’s reluctance to cover a cheaper version of Johnson & Johnson’s cancer drug, prompting a shift in strategy for Blue Shield.
Recent News
-
Brands Embrace AI to Revolutionize Customer Experience
In a bid to enhance customer interactions and reduce the drawbacks of live customer service, brands are turning to AI solutions, from chatbots to innovative food delivery robots. Home Chef, a meal-kit-delivery service, employs the virtual assistant Herb to streamline…
-
Tesla’s Growth Slowdown Sends Warning Signals to Electric Vehicle Industry
Morgan Stanley analyst Adam Jonas suggests that Tesla’s recent tempered growth expectations indicate potential challenges for the broader electric vehicle (EV) industry. Following Tesla’s disappointing third-quarter results and cautious earnings call, Jonas believes there’s a ripple effect across the EV…
-
Housing Market Faces Continued Affordability Crisis as Mortgage Rates Near 8%
The housing market in the United States is witnessing its most challenging phase in years, with mortgage rates inching toward 8% and prices soaring for three consecutive months. Data reveals that September experienced the lowest housing sales in 13 years….
-
Elon Musk’s X Plans New Paid Subscriptions Amid Reports of Declining Web Traffic
Elon Musk’s X is set to introduce two new subscription tiers despite reports of a significant decline in web traffic. The Tesla CEO shared on X that one tier would be lower cost with all features but no ad reduction,…