The collaboration, called the Pharmacy Care Reimagined Initiative, aims to reduce prescription drug costs and improve transparency for the insurer’s 5 million health plan members.
The move follows Blue Shield’s decision to sever ties with CVS Health’s Caremark PBM, a change that caused stock prices of major PBMs to drop when it was announced in August 2023.
The new venture is expected to save Blue Shield up to $500 million annually in drug costs, executives involved told Forbes.
