Blue Shield of California is making waves in the healthcare industry by implementing changes to lower prescription drug prices.While Pharmacy Benefit Managers (PBMs) were left out of congressional funding bills, Blue Shield of California CEO Paul Markovich is leading the charge in transforming the healthcare system to work more equitably and affordably for all.
At a recent fireside chat hosted by MedCity News at ViVE, Markovich discussed the company's new initiatives. Blue Shield of California will be cutting ties with CVS Caremark as its PBM and partnering with Amazon Pharmacy, Mark Cuban Cost Plus Drug Company, Abarca, and Prime Therapeutics to create a more transparent and cost-effective pharmacy model.
Markovich emphasized the need for change in the pharmacy system due to its troubling incentives. By restructuring the pharmacy care system and forming strategic partnerships, Blue Shield of California aims to address the structural inflationary issues present in the current model.
While CVS Caremark will still oversee specialty drugs, Markovich highlighted the complexity of handling specialty medications and the lack of alternatives in the market.
He also addressed the ongoing investigation by the Federal Trade Commission (FTC) into PBM practices, stressing the importance of increased scrutiny on healthcare costs across the board.
Overall, Blue Shield of California's proactive approach to reforming the pharmacy system signals a shift towards a more sustainable and patient-centric healthcare industry. As Markovich aptly put it, change is inevitable, and the time for transformation is now.
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