Blue Cross and Blue Shield companies are spending $55 million to create a new subsidiary of the ... [+] nonprofit generic drug maker Civica Rx to “acquire and develop abbreviated new drug applications." Blue Cross Blue Shield AssociationBlue Cross and Blue Shield health insurers are launching their own nonprofit drug company with Civica Rx to create alternatives to “high-cost” generic prescriptions that haven’t come down in price. “We are looking for innovative solutions in the market to shake up the status quo and make pharmaceuticals more affordable,” Blue Cross Blue Shield Association chief strategy and innovation officer Maureen Sullivan said in an interview. The 18 Blue Cross and Blue Shield companies partnering with Civica Rx are: Blue Cross and Blue Shield of Alabama, Arkansas Blue Cross and Blue Shield, Blue Shield of California, Capital BlueCross, CareFirst BlueCross BlueShield, Excellus BlueCross BlueShield, Blue Cross and Blue Shield of Hawaii, Highmark Blue Cross Blue Shield, Horizon Blue Cross Blue Shield of New Jersey, Blue Cross of Idaho, Independence Blue Cross, Blue Cross and Blue Shield of Kansas, Blue Cross and Blue Shield of Kansas City, Blue Cross Blue Shield of Michigan, BlueCross BlueShield of Western New York and BlueShield of Northeastern New York, Blue Cross & Blue Shield of Rhode Island, BlueCross BlueShield of South Carolina and Blue Cross and Blue Shield of Vermont. There are, however, some notable operators of Blue Cross and Blue Shield plans that aren’t yet involved in the Civica Rx partnership.

Source: Forbes January 23, 2020 04:52 UTC