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Thursday, February 11, 2016

2015 Pharmacy Benefit Industry Recap

PBIRx®
Intelligent Solutions in Pharmacy Benefits
612 Wheelers Farms Road, Milford, CT 06461
(888) 797-2479

Pharmacy Benefits | Pharmacy Benefit Industry | PBIRx

2015 was quite a year for the PBIRx team - we moved offices, launched our new website and were able to help our clients significantly in getting more control over their healthcare costs. But aside from all that has happened internally, 2015 was a year filled with mergers, acquisitions and more that directly affected our industry. Below, we list out some of the most major news that broke over the last twelve months.
  • In February, Rite Aid acquired EnvisionRx for $2 billion. According to Rite Aid’s Chairman and CEO, John Standley, the acquisition would allow for Rite Aid to “expand health and wellness offerings,” while improving their ability to offer the care that patients require.
  • CVS Health continued to take the world by storm when, in June, they announced their plan to purchase Target’s pharmacy and clinic business for approximately $1.9 billion. As a result of this acquisition, CVS Health would gain control of more than 1,600 Target pharmacies.
  • In September, Express Scripts announced major staffing changes that were to take place within their company. For example, their CEO of 11 years, George Paz, announced his retirement, which is to take effect in May of 2016. The replacement? Tim Wentworth, Express Scripts’ current president.
  • As of October 14, 2015, the Federal Court ruled that 340B covered entities such as rural referral centers and free-standing cancer hospitals that had previously “opted in” to purchase orphan drugs would no longer be able to apply 340B pricing for any drug that has at least one orphan drug designation.
  • On November 23, 2015 Pfizer and Allergan announced that they would also be joining forces following a $160 billion merger. A record breaking event, it was predicted that “the combined entity would have more than $25 billion in operating cash flow” as of 2018.
  • Most recently, in December, Martin Shkreli resigned from his position of CEO at Turing Pharmaceuticals after a difficult year - Shkreli is the individual responsible for Daraprim’s shocking price jump (originally $13.50 per tablet, the new cost is $750 per tablet).
Want to learn more about what happened in the pharmacy benefit industry in 2015? If so, be sure to connect with us on social media; we are active on Facebook, Twitter, LinkedIn and Google+. Additionally, you can subscribe to our blog via email to receive updates whenever we publish a new post.

Since 1993, PBIRx has been providing intelligent solutions to clients in the management of pharmacy benefit costs using state of the art technology, analytics, and proprietary algorithms. With a staff that includes actuaries, financial analysts, IT staff, software programmers, clinical pharmacists, legal and HIPAA compliance officers, PBIRx is dedicated to creating optimal healthcare outcomes while minimizing overall healthcare costs. For more information, please call (888) 797-2479 or visit www.pbirx.com.

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