Blue Shield of California taps Amazon, Mark Cuban's Cost Plus Drugs for its pharmacy network
Publishing timestamp: 2023-08-17 15:39:36
Summary
Blue Shield of California will partner with Mark Cuban's Cost Plus Drugs and Amazon Pharmacy as its preferred pharmacy networks, aiming to save $500 million annually on drug costs. This move marks a shift away from traditional drug store chains and a departure from its long-standing partnership with CVS Health. The transition will begin with Blue Shield's own workers in 2024 before being introduced to its members in 2025. CVS Health's shares fell in response to the news, and analysts estimate a negative impact on its earnings per share in 2025.
Sentiment: MIXED
Keywords: business news, business, cvs health corp, mark cuban, health insurance, amazon.com inc, health care industry,
Source: https://www.cnbc.com/2023/08/17/blue-shield-of-california-taps-amazon-cost-plus-for-pharmacy.html