Anthem Breaks With Express Scripts, Will Start Own Drug Plan
- Express Scripts loses biggest client and gains new rival
- PBMs shares are down about a third since dispute went public
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Health insurer Anthem Inc. plans to set up its own pharmacy benefits management unit, signaling a final break with Express Scripts Holding Co. after accusing it of overcharging by billions of dollars.
The move means Express Scripts will not only lose its biggest client but also face a new rival. Anthem’s new unit, called IngenioRx, will grow its own business with a “full suite” of services, the insurer said in a statement on Wednesday.