Mark Cuban's Cost Plus Disrupts Pharma
Blue Shield of California is partnering with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to reduce drug costs for its 4.8 million members. The move involves shifting away from traditional drugstore chains like CVS, their pharmacy benefits partner for over 15 years. The CEO of Blue Shield of California, Paul Markovich, anticipates saving around $500 million annually through this shift, which will be reinvested into reducing premiums for members. The insurer will continue using CVS Caremark for specialty drugs, serving patients with complex conditions. Amazon Pharmacy will offer up-front pricing, free delivery, and 24/7 access to pharmacists. Cost Plus Drug Company, selling drugs slightly above wholesale prices, is the second insurer to partner with the online pharmacy.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Blue Shield of California is partnering with Mark Cuban's Cost Plus drug company and Amazon
00:06 Pharmacy to reduce drug costs for its 4.8 million members.
00:10 The move involves shifting away from traditional drugstore chains like CVS, which has been
00:14 their pharmacy benefits partner for over 15 years.
00:17 The CEO of Blue Shield of California, Paul Markovich, anticipates saving around $500
00:21 million annually through this shift, which will be reinvested into reducing premiums
00:24 for members.
00:25 The insurer will continue using CVS Caremark for specialty drugs, serving patients with
00:30 complex conditions.
00:31 Amazon Pharmacy will offer upfront pricing, free delivery, and 24/7 access to pharmacists.
00:36 For all things money, visit Benzinga.com.
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