Walgreens entered a new collaboration to help customers cope with the rising cost of drugs.
The company will work with pharmacy benefits manager Prime Therapeutics by combining their specialty and mail-service businesses into one comprehensive retail pharmacy network.
One stipulation of this deal is that it will make Walgreens Prime’s preferred pharmacy, allowing customers to pay less to fill their prescriptions, reported The Wall Street Journal. It will give the world’s largest drug store chain better bargaining power to cut drug prices to help patients in over 8,000 drugstores.
Both firms will share data with each other to refine this cost-cutting process and manage patient health, but this new entity will have its own board and executive team.
The deal could close in the beginning of 2017. No financial details were disclosed.
Filed Under: Drug Discovery