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Anthem to cut ties with Express Scripts, form new pharmacy benefits manager

Anthem Inc. confirmed that it will not renew its current pharmacy benefits management contract with Express Scripts Holding Co. as it plans to form a new pharmacy benefits manager.

Anthem earlier accused Express Scripts of overcharging the company. The new pharmacy benefits manager to be formed by Anthem, IngenioRx, will begin offering PBM solutions in 2020 after Express Scripts' contract with the health insurer expires. IngenioRx will serve customers of Anthem-affiliated health plans and non-Anthem customers.

The insurer has signed a five-year agreement with CVS Health Corp., for services beginning Jan. 1, 2020. CVS Caremark will manage certain services for IngenioRx, including claims processing and prescription fulfillment.

CVS Health expects to incur implementation costs related to the transition of members. These costs will not impact 2017 results, CVS Health said in a separate release.