Civica Rx, the Blue Cross and Blue Shield Association and 18 independent Blue Cross and Blue Shield companies on Thursday announced the formation of a new Civica subsidiary with the goal of lowering prescription drug costs. The Blue Cross and Blue Shield companies will contribute $55 million to the yet-unnamed spinoff, which will submit abbreviated new drug applications, or ANDAs, for select high-cost, single-source generic drugs dispensed at the pharmacy counter. The group plans to have its first generic medicines available by early 2022. The new spinoff’s mission to lower the cost of generic pharmacy drugs is notably different from Civica’s, which is pursuing rights to manufacture generic drugs often used in hospitals that are subject to shortages and price spikes.
Read the full article: Civica Rx Launches Spinoff to Help Insurers Save Prescription Drug Costs //