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Elevance Health, formerly Anthem, has reached an agreement with CarepathRx, a Nautic Partners portfolio company, to acquire BioPlus, a comprehensive specialty pharmacy, the insurer announced this week.
BioPlus offers a range of specialty pharmacy services for patients living with complex and chronic illnesses, including cancer, multiple sclerosis, hepatitis C, autoimmune diseases, and rheumatology.
Elevance Health said the acquisition would help it meet the specialty drug needs of its customers with a comprehensive health approach, supported by integrated programs across Elevance and Carelon, the company’s healthcare services brand.
It will look to expand BioPlus’ speed and service models into more complex disease treatment areas. This, Elevance said, is to provide timely access to medications, provide support services for both providers and patients, and ensure that people receive clinical expertise and service at all levels of care.
The finanacial terms of the contract were not disclosed.
WHAT IS THE IMPACT?
BioPlus currently offers Centers of Excellence (CoEs), which seek to address therapeutic areas such as oncology and multiple sclerosis, and Elevance Health will look to develop additional CoEs for therapeutic areas. CoEs include teams of specialty pharmacists and physicians with expertise in therapeutic areas who partner with patients throughout their treatment journey. These services, Elevance said, help ensure access to medications, adherence and high-quality health outcomes.
Once the acquisition closes, the specialty pharmacy will operate as part of IngenioRx, Elevance Health’s pharmacy benefit manager within Carelon, its healthcare services brand. BioPlus’ offerings are intended to complement the capabilities of IngenioRx, and Elevance expects this will increase its ability to provide end-to-end pharmacy services, act as a patient advocate for integrated services, and promote affordability.
Once BioPlus is integrated into Elevance, consumers who receive medical and pharmacy benefits from Elevance’s subsidiaries will be able to access the company’s medical and pharmaceutical data.
Carelon will connect your businesses through its digital platform, so in situations where the BioPlus pharmacy team identifies a patient who may need behavioral health support or home care services, that team will be able to connect that patient with services to address your entire health. needs.
The acquisition is subject to customary closing conditions and is expected to close in the first half of 2023. BioPlus is not expected to have a material impact on adjusted earnings per share in 2023.
THE BIGGEST TREND
Anthem first announced its plans to rebrand under the Elevance Health name in March, which was fueled in part by Anthem’s evolution when it comes to offering products and services beyond traditional health insurance. Specifically, the company highlighted its digital capabilities, pharmacy, behavioral, clinical, and complex care assets, with a focus on an “integrated whole-person approach.”
The corporate rebranding is a first step in the company’s effort to streamline its portfolio of brands, according to Anthem. While the names of Anthem Blue Cross Blue Shield’s health plans will not change, the company hopes to streamline other brands in the marketplace to reduce complexities and improve experiences for consumers.
Elevance made a profit of $1.6 billion in the third quarter of this year, a 7.2% gain from the third quarter of 2021. Revenue was $39.9 billion, up 11.5% from the $35 800 million registered a year ago.
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