Tyson Foods will become one of the first Fortune 100 companies to stop using the nation's traditional large pharmacy benefits managers, as it looks to cut spending on high-cost drugs. After putting its benefits contract up for bid, Tyson dropped CVS Health 's Caremark and chose PBM startup Rightway to manage drug benefits for its 140,000 employees starting this year, the companies said Wednesday. Tyson made the decision as it saw pharmacy costs soar. "We were going anywhere between 12% to 14% increases for pharmacy — and on a $200 million spend that's quite a bit. And then I wanted to understand what Tyson was paying for that; it was very difficult to get to those numbers," she said.

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Persons: Tyson, Renu Chhabra, Chhabra, couldn't Organizations: Fortune, CVS