CVS stock plunges after Blue Shield of California drops retailer's pharmacy services to save on drug costs
Publishing timestamp: 2023-08-17 16:05:16
Summary
CVS Health shares plunged after Blue Shield of California announced it will drop the company's pharmacy benefit management services and partner with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy instead. This move suggests potential for other health insurers to abandon traditional pharmacy benefit management systems, causing shares of other companies offering similar services to drop. CVS Health's Caremark has been Blue Shield's PBM partner for over 15 years.
Sentiment: NEGATIVE
Tickers: UNH, CNC, CVS, AMZN, CI,
Keywords: business news, biotech and pharmaceuticals, business, biotechnology, social issues, labor economy, health insurance providers, cigna corp, health care industry, breaking news, unitedhealth group inc, pharmaceuticals, pharmacy operators, centene corp, california, health insurance, amazon.com inc, cvs health corp,
Source: https://www.cnbc.com/2023/08/17/cvs-stock-blue-shield-of-california-drops-pbm-services.html