CVS Health Signs Five-Year Deal With Anthem On IngenioRx

(RTTNews) - CVS Health (CVS) announced a five-year agreement with Anthem Inc. (ANTM) to provide services to support IngenioRx, a new pharmacy benefit manager (PBM) announced today by Anthem.

As part of the agreement, CVS Caremark will manage certain services for IngenioRx, including claims processing and prescription fulfillment. In addition, CVS Health's bundled suite of assets, including CVS Pharmacy and MinuteClinic, allow the company to apply its expertise in patient messaging and engagement at the point-of-sale to support IngenioRx, broadening the scope of clinical services offered at the pharmacy counter to drive better outcomes.

The new agreement, which goes into effect on January 1, 2020, runs through December 31, 2024.

CVS Health expects to incur implementation costs related to the transition of members, as is typical of any large, multi-year contract. These costs are expected to be immaterial to 2017 results.