Rite Aid is entering a "rebate aggregation agreement" with Blue Cross Blue Shield-owned pharmacy benefits manager Prime Therapeutics in a move that aims to improve profit margins and industry competitiveness, according to a Forbes report.
The agreement relies on Prime Therapeutics, which is owned by 19 Blue Cross Blue Shield Plans, to help manage rebates, but may also be the first step to a closer relationship between the entities.
"The CEO of Prime and I have discussed this to further partner in some very interesting ways, which I can't get into now,” Rite Aid CEO Heyward Donigan said during an earnings call.
The move comes as Rite Aid looks to charter an "omnichannel" expansion past its 17-state footprint, according to Forbes.