Blue Cross Blue Shield of Massachusetts, the state’s largest health insurer, announced Monday a new pharmacy benefit partnership with CVS Caremark, a benefit management subsidiary of CVS Health based in Woonsocket, R.I.
The partnership, which officially commences in January 2023, aims to improve pharmacy experience and health outcomes while lowering costs for members and employers, said the announcement.
CVS Caremark will aid Blue Cross in managing pharmacy benefit services for its commercial and Medicare groups, as well as individual health plans.
The three-year agreement is expected to generate between 10% and 15% in pharmacy savings for Blue Cross customers.
Blue Cross’s pharmacy benefit partner, Missouri-based Express Scripts Inc., will work with the insurers until the transition in 2023.
Blue Cross Blue Shield of Massachusetts, headquartered in Boston, reported a net operating loss of $4.2 million in its second quarter financial report on Friday.
