Blue Cross and Blue Shield insurers team up with Civica Rx in $55 million venture
A group of Blue Cross and Blue Shield insurers is investing $55 million in a venture that aims to offer cheaper prices to their members on generic drugs that currently have little or no competition, Reuters reported. The Blue Cross Blue Shield Association, together with 18 Blue Cross and Blue Shield health insurers, is working with Civica Rx, a nonprofit formed two years ago to try to increase competition for hospital-based generic drugs. Des Moines-based Wellmark Blue Cross and Blue Shield is not among the 18 BCBS insurers participating. The new subsidiary will focus on drugs that members can purchase via mail order or in retail pharmacies. Starting in 2022, it plans to begin selling new rivals for about seven to 10 expensive generic medicines that currently have just one manufacturer, Civica Chairman Dan Liljenquist said. An advisory board will select the drugs. To read a Business Record article about Greater Des Moines-based hospital groups’ affiliation with Civica Rx, click here.