Indianapolis-based Anthem Inc. (NYSE: ANTM) is launching its own pharmacy benefits management company. IngenioRx will begin serving customers in 2020 following the expiration of Anthem's current PBM contract.
IngenioRx will serve customers of Anthem-affiliated health plans and non-Anthem customers. Anthem Chief Executive Officer Joe Swedish says the company believes it can strengthen the value offered to the marketplace with an improved PBM model.
"Through the process of evaluating many PBM options in preparation for the expiration of our current contract, we determined that our scale and experience best position us to deliver an innovative solution, and the launch of IngenioRx will allow us to break through what is now a complex and fragmented landscape," Swedish said in a news release. "It also positions Anthem to take advantage of a unique opportunity to grow and diversify our business within our existing footprint as well as nationally."
A pharmacy benefits manager is a third-party administrator of prescription drug programs. According to the American Pharmacists Association, "PBMs are primarily responsible for developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, and processing and paying prescription drug claims."
Anthem has also signed a five-year agreement with CVS Health Corp. (NYSE: CVS), which will begin January 1, 2020. Among the services provided by CVS, the pharmacy chain will provide prescription fulfillment and claims processing.
Anthem says it is working to ensure continuity of coverage for customers as the transition to IngenioRx continues. The company says, until the transition begins, members will continue to use their benefits as they do today.
By Bill Wendling Sr. Portfolio Manager, Bedel Financial Consulting Inc.
President Trump and Congress are focused on completing a tax bill prior to year-end. Unfortunately, their timing may require quick action to implement a tax strategy in 2017 that can take advantage of the 2018 changes. What's a taxpayer to do?
A Mediterranean restaurant in Anderson that has been around almost 30 years is closing. In a message on Facebook, the owners of The Nile say they will close "for good" December 23. The restaurant, which is run by Angele and Samir Naby opened in 1990, and bills itself as offering "A Journey of Taste." The message from the Nabys reads...
Plans for a nearly $62 million private, mixed-use development have been announced for the Fort Wayne riverfront. The seven-story project will be located next to Promenade Park, which is currently under construction and is one of the signature pieces of the downtown resurgence. Plans from Minnesota-based Continental Property Group include 150 apartments, 20,000 square-feet of retail space and more than 1,000 parking spaces.
Pacers Sports & Entertainment is planning to Tuesday make what it calls a major announcement regarding the NBA 2K League. The organization is one of 17 NBA teams taking part in the inaugural season of the esports league, which is set to kick off in 2018.
An online publication places Rose-Hulman Institute of Technology among the top schools in the country for computer science majors. Affordable College Online says its rankings are based on the cost of a degree,...
By Robert Lescano Vice President of Solutions, DMI
"It's not the strongest of the species that survives nor the most intelligent that survives. It's the most adaptable to change," said Charles Darwin. Throughout digital transformation discussions with executives (in and outside of IT), one of the most common conversations is the complexity and challenge surrounding change. Bottom line, change is hard, requires knowing yourself and embracing differences to continue growing your business. Are you ready?