Anthem to Launch IngenioRx

Posted: Updated:
INDIANAPOLIS -

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.

  • Perspectives

    • Truck Driver Supply Impacting Cargo Hauling Demand

      The U.S. unemployment rate has moved down to 3.9 percent, which is its lowest level since December 2000, according to the U.S. Bureau of Labor Statistics. Great news! Maybe not. There are business sectors that need employees due to constraints in the labor market - namely truck drivers. The level of employment in the truck transportation industry is essentially unchanged since mid-2015, according to the bureau. And the impact is being felt.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Triple XXX Root Beer Appears in Prime Time

      A soft drink that carries the name of an iconic West Lafayette restaurant has been featured on a national television series. In a message on the Triple XXX Family Restaurant's Instagram page, co-owner Carrie Ehresman said the recent appearance of Triple XXX Root Beer on NBC's "Chicago Fire" was not product placement. She said the show's producers reached out through the restaurant's website and "we weren't sure we'd make the final cut until it aired!"

    • Truck Driver Supply Impacting Cargo Hauling Demand

      The U.S. unemployment rate has moved down to 3.9 percent, which is its lowest level since December 2000, according to the U.S. Bureau of Labor Statistics. Great news! Maybe not. There are business sectors that need employees due to constraints in the labor market - namely truck drivers. The level of employment in the truck transportation industry is essentially unchanged since mid-2015, according to the bureau. And the impact is being felt.

    • Mark Sandy became Ball State's director of intercollegiate athletics in 2015.

      Ball State to Introduce Next AD

      Ball State University Monday will name a new director of intercollegiate athletics. Mark Sandy, who has served in the position for more than three years, announced his retirement in January. During Sandy's tenure, eight teams won Mid-American Conference league championships or division titles. Three new facilities projects have been completed during his time in Muncie...

    • The Impact of Technology on Economic Development Policy

      In a world where technology is enabling almost everything, economic development policy makers are faced with several challenges when planning and implementing strategies for economic growth. Communities, regions and states must be able to adapt programs and initiatives to address the economic disruption caused by technology. In particular, investments in tech and talent are vital to ensuring economic growth and wealth creation for residents and businesses throughout the world.

    • City of Fort Wayne Promotes Joyner to Director

      Cindy Joyner has been promoted to director of Fort Wayne's Community Development Division. She has served as deputy director of the division for the past 10 years. Joyner oversaw the Neighborhood Code Compliance Department and helped to enhance customer service and community outreach. She has worked for the city of Fort Wayne since 2002.