Blue Shield of California To Revolutionize Drug Payment System: Ends CVS Caremark Partnership
Portfolio Pulse from Vandana Singh
Blue Shield of California is ending its partnership with CVS Health's Caremark and is partnering with Amazon, Mark Cuban's Cost Plus Drug Company, and Abarca for drug deliveries, affordable medications, and drug claims processing respectively. The new system aims to eliminate hidden fees and rebates, and is expected to save around $500 million annually. CVS Health shares are trading lower by 6.63% premarket.
August 17, 2023 | 12:17 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Blue Shield of California's decision to end its partnership with CVS Health's Caremark could negatively impact CVS's revenues.
Blue Shield of California's decision to end its partnership with CVS Health's Caremark could lead to a decrease in CVS's revenues, as it will no longer be providing services to Blue Shield. This news has already negatively impacted CVS's stock price, with shares trading lower by 6.63% premarket.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Amazon's new partnership with Blue Shield of California for at-home drug deliveries could positively impact its revenues.
Amazon's new partnership with Blue Shield of California for at-home drug deliveries could lead to an increase in its revenues, as it will be providing a new service to Blue Shield. This news could potentially positively impact Amazon's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80