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☆ CVS will change the way it prices drugs
▼ + stars: | 2023-12-05 | by ( Tami Luhby | Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —CVS is revamping the way it reimburses its pharmacies for prescription medications, a move that could make prescription drug pricing simpler and change how much consumers pay for their medicines. It’s a similar model to the one entrepreneur Mark Cuban is pushing with his Cost Plus Drugs company. This shift in payment models could change the cost of prescription drugs for some patients, although it will not necessarily make all medicine cost less. Some drugs may cost less, while others might rise in price, CVS executives said. Americans spend around $1,200 a year on average for prescription drugs — more than any other country — according to the Organization for Economic Co-operation and Development.

Persons: Mark Cuban, ”, Prem Shah, Nick Fabrizio, Fabrizio, they’ve Organizations: New, New York CNN, CVS, Plus, CVS Pharmacy, CVS Health, Cornell University, Organization for Economic Co, Kaiser Family Foundation, Amazon Pharmacy, Cuban, Plus Drug, Blue Locations: New York, California

☆ CVS pushes into making cheaper versions of complex drugs with new discount Humira
▼ + stars: | 2023-08-23 | by ( Bertha Coombs | ) www.cnbc.com time to read: +4 min

CVS Health is partnering with drugmaker Sandoz to produce a near identical version of the blockbuster arthritis treatment Humira that will sell for 80% below the price of the brand-named drug. The move is part of the company's new venture focused on securing, and in some cases co-producing, biosimilar drugs, which are the equivalent of generic versions of complex gene or protein-based therapies known as biologics. CVS is already one of the leading players when it comes to sourcing generic drugs through Red Oak, its joint venture with Cardinal Health . Abbvie reported more than $4 billion in Humira sales in its most recent quarter, which was slightly better than expected. Correction: CVS Health subsidiary Cordavis will partner with Sandoz on biosimilar drugs.

Persons: drugmaker Sandoz, We've, it'll, Prem Shah, drugmaker, Amgen's Amjevita, Murdo Gordon, Abbvie, Cuban's, John Ransom, Raymond James, Ransom, Sandoz Organizations: CVS Health, CVS, Cardinal Health, Novartis Pharmaceuticals, Sandoz, Novartis, FDA, Blue, Drug Company, Amazon Pharmacy Locations: U.S, Red, California

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. The regional health insurance provider will still retain CVS Caremark for managing specialty drugs, which are costly medications used to treat complex conditions like cancer and rheumatoid arthritis. Other analysts highlighted difficulties in shifting to a different model than the one offered by companies like CVS - which provide other services including home drug delivery and reimburse pharmacies for patients' prescriptions. Amazon Pharmacy will provide at-home delivery of prescription drugs as well as upfront pricing, while Mark Cuban Cost Plus Drug Company will provide access to generic drugs, Blue Shield said. Blue Shield of California's other partners include privately held Abarca for processing claims related to prescription drugs, while smaller PBM Prime Therapeutics will work to negotiate savings with drugmakers.

Persons: Dado Ruvic, Cigna, UnitedHealth, Mark, Elizabeth Anderson, J.P, Morgan, Lisa Gill, Gill, Blue, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai, Krishna Chandra Eluri, Frances Kerry Organizations: CVS, REUTERS, Amazon, Cigna, UnitedHealth, Evercore ISI, Mark Cuban, Plus, Thomson Locations: Bengaluru

☆ Blue Shield of California drops CVS, taps Amazon and others to lower drug costs
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. Blue Shield, whose health plans cover 4.8 million members, said it will now work with five different companies, including Mark Cuban's drug company, to provide "convenient, transparent access to medications while lowering costs." Privately held Abarca will pay prescription drug claims, while Prime Therapeutics will work with Blue Shield to negotiate savings with drugmakers, the company said. Blue Shield will also work with CVS Caremark for specialty pharmacy services. The loss of the Blue Shield pharmacy benefit management contract is another blow to Caremark, which is also set to lose the contract to manage Centene's (CNC.N) $40 billion annual pharmacy needs from next year.

Persons: Dado Ruvic, UnitedHealth, Mark Cuban's, Paul Markovich, Mark, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai Organizations: CVS, REUTERS, Blue, Cigna, UnitedHealth, Pharmacy, Wall Street, Mark Cuban, Plus, Thomson Locations: Blue, Bengaluru

Blue Shield of California will no longer use CVS Health’s Caremark as its pharmacy benefit manager and instead will partner with several companies, including Amazon Pharmacy and Mark Cuban Cost Plus Drug Company. They have come under fire from other players in the health care industry and from Congress because of their opaque practices. Most adults take at least one prescription drug annually, while more than a third take at least three, Blue Shield said, citing Centers for Disease Control and Prevention data. CVS Caremark will continue to work with Blue Shield, providing specialty pharmacy services for members with complex conditions. The company bought online pharmacy PillPack in 2018, launched its own Amazon Pharmacy in 2020 and last year created a virtual health care clinic.

Persons: ” Paul Markovich, Mark Organizations: New, New York CNN, CVS, Amazon Pharmacy, Cuban, Plus Drug Company, Pharmacy, Blue, for Disease Control, ”, Mark Cuban, Plus, CVS Health, Amazon Locations: New York, California

☆ Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric and more
▼ + stars: | 2023-08-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Walmart — Shares added as much as 1% after the big-box retailer raised its full-year forecast and reported an earnings and revenue beat. Adobe — The software company added about 2% after Bank of America upgraded shares to buy from neutral. Hawaiian Electric — The utility company that oversees Maui Electric sank nearly 18% in premarket trading, continuing its slide over concerns of its potential liability in Maui's wildfires. On Wednesday, the Wall Street Journal reported Hawaiian Electric is in talks with firms that specialize in restructuring. VinFast Auto — Shares of the electric vehicle start-up fell nearly 5% in premarket trading as VinFast's stock searches for its level after debuting earlier this week.

Persons: Adobe, Cuban's, Wolfspeed, —, Alex Harring, Jesse Pound, Michael Bloom Organizations: Walmart, Refinitv . Revenue, Cisco Systems, postmarket, Refinitiv, Revenue, Adobe, Bank of America, Maui Electric, Wall Street Journal, CVS, California, Drug Company, Amazon Pharmacy, BAE Systems Locations: Williston , Vermont, California

☆ CVS stock plunges after Blue Shield of California drops retailer's pharmacy services to save on drug costs
▼ + stars: | 2023-08-17 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of CVS Health plunged 9% on Thursday after Blue Shield of California said it will drop the company's pharmacy benefit management services and instead partner with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy to save on drug costs for its nearly 5 million members. Blue Shield will now work with five different companies to provide "convenient, transparent access to medications while lowering costs." Blue Shield CEO Paul Markovich said the plan, which is scheduled to fully launch in 2025, could save the company up to $500 million annually. Cuban's Cost Plus Drug Company will provide access to low-cost medications through retail pharmacies. Blue Shield will retain CVS Caremark for its specialty pharmacy services, which provide specialized therapies and counseling to patients suffering from complex disorders.

Persons: Mark Cuban's, Caremark, Paul Markovich, Michael DeAngelis, Centene Organizations: CVS Health, Drug Company, Amazon Pharmacy, UnitedHealth, CVS, Abarca, Blue, CNBC Locations: New York, California

☆ Blue Shield California drops CVS; picks Amazon, others to lower drug price
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. Non-profit health plan provider Blue Shield, which has 4.8 million members, said it will work with partners including Amazon.com and Mark Cuban's Cost Plus Drug Company to provide at-home delivery and access to low-cost medications. Privately held Abarca will pay prescription drug claims, while Prime Therapeutics will work with Blue Shield to negotiate savings with drugmakers, the company said. Blue Shield will also work with CVS Caremark for specialty pharmacy services. The loss of Blue Shield marks another blow to Caremark, which is also set to lose the contract to manage Centene's (CNC.N) $40 billion annual pharmacy needs from next year.

Persons: Dado Ruvic, Cuban's, Privately, Manas Mishra, Mariam Sunny, Bhanvi, Shweta Agarwal, Pooja Desai Organizations: CVS, REUTERS, Wall Street Journal, Cigna, UnitedHealth, Company, Thomson Locations: Bengaluru

☆ Blue Shield of California taps Amazon, Mark Cuban's Cost Plus Drugs for its pharmacy network
▼ + stars: | 2023-08-17 | by ( Bertha Coombs | ) www.cnbc.com time to read: +2 min

Blue Shield of California is teaming up with Mark Cuban's Cost Plus Drug Company and Amazon Pharmacy — turning away from traditional drug store chains and ditching in part health giant CVS — in a move to save on drug costs for its 4.8 million members. "I expect we're going to — when this ramps up completely — we're going to be saving $500 million a year," said Paul Markovich, CEO of Blue Shield of California. For Cost Plus, which sells drugs at 15% above wholesale prices, California Blue Shield is only the second insurer to sign with the online pharmacy since it launched in January 2022. "I think all payers realize that now that Cost Plus has made the price of medications transparent. The health insurer expects to launch the program for its members in 2025.

Persons: Mark Cuban's, Paul Markovich, Markovich Organizations: Drug Company, Amazon Pharmacy, CVS, Blue, of, Cross Locations: of California, California, Harrisburg , Pennsylvania

☆ You can now find Costco-style low prices for generic prescription drugs at Kroger in a partnership with Mark Cuban's online pharmacy
▼ + stars: | 2023-07-20 | by ( Alex Bitter | Yeji Jesse Lee | ) www.businessinsider.com time to read: +3 min

Kroger is working with Mark Cuban's Cost Plus Drugs to offer some prescriptions at its pharmacies. Cost Plus customers can now pick up their drugs at one of 2,000 Kroger pharmacies. Patients who get their drugs through Cost Plus Drugs can now pick them up at one of 2,000 stores operated by Kroger, Cost Plus tweeted on Wednesday. He started Cost Plus in 2022. Cost Plus Drugs buys drugs directly from the manufacturer and ships them to patients at a 15% markup plus pharmacy fees.

Persons: Kroger, Mark Cuban's, Mark, — Mark, It's Organizations: Service, Kroger, — Mark Cuban, Plus Drug, Dallas Mavericks NBA, Costco, Walmart, Albertsons, Intelligence Locations: Wall, Silicon, Ralph's, Cuban

☆ Mark Cuban says healthcare has to have more of a 'Netflix model'
▼ + stars: | 2023-06-13 | by ( Vishal Persaud | ) www.businessinsider.com time to read: +3 min

Mark Cuban recently appeared on the a16z podcast "Bio Eats World" to talk about healthcare. Cuban believes healthcare systems need to adopt more of a "Netflix model" to "truly work." Mark Cuban has been disrupting healthcare with his low-cost online pharmacy, but there are other areas of the industry that can be improved upon too, he believes. Cuban believes that this model, in some ways, can also be applied to a local hospital or healthcare system. "If we're going to change healthcare," Cuban said.

Persons: Mark Cuban, Vijay Pande, Andreessen Organizations: Netflix, Dallas Mavericks, Cuban, Plus Locations: Cuban

The Mark Cuban Cost Plus Drug Company negotiates directly with drugmakers. So far, that's been the strategy for the Mark Cuban Cost Plus Drug Company. In October, Cost Plus Drug Company announced a partnership with Capital Blue Cross. Cuban said he wanted Cost Plus Drug Company to be as transparent as possible on pricing. Cost Plus Drug Company is considering a test program for insulin that would offer a 90-day supply of insulin, or a total of 12 vials, for $170.

The 26-year-old had been recently removed from his parents' health insurance plan and was about $300 short of the $1,300 he needed to pay for his insulin medication, his mother said. Though drugmakers often offer programs that can lower the out-of-pocket cost of insulin for both insured and uninsured patients, the financial burden can still be devastating for some. Why insulin remains unaffordableBut why does insulin — a medication that’s been around for more than 100 years — remain unaffordable for many people in the U.S.? Meanwhile, state and federal lawmakers are pushing for legislation that would lower the out-of-pocket cost for patients on insulin. She is pushing for more states to adopt the Alec Smith Insulin Affordability Act, which provides an emergency 30-day supply of insulin to patients for $35.

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