Elevance Health acquires specialty pharmacy company BioPlus

Photo: Martin Barraud/Getty Images

Elevance Health has finalized its acquisition of BioPlus, a specialty pharmacy subsidiary of CarepathRx and a portfolio company of Nautic Partners, the insurer announced this week.

BioPlus provides a range of specialty pharmacy services for patients living with complex and chronic conditions, such as cancer, multiple sclerosis, hepatitis C, autoimmune diseases and conditions in rheumatology. The company covers more than 100 limited distribution medications and has a footprint that touches all 50 states.

Elevance anticipates the acquisition will help it meet the specialty drug needs of clients and customers with a more whole-health focused approach. This will be supported by programs across Elevance Health and Carelon, Elevance's healthcare services brand. BioPlus will now operate as part of CarelonRx, Elevance's pharmacy benefit manager within Carelon.

WHAT'S THE IMPACT?

Pete Haytaian, executive vice president of Elevance Health and president of Carelon, said the move will enhance end-to-end pharmacy services for consumers "by delivering greater affordability and access to critical medications, as well as a superior patient experience."

Elevance Health plans to expand BioPlus's service models across more complex disease treatment areas to help facilitate things such as timelier access to medications and support services for providers and patients. The goal is to deliver distinctive clinical expertise and service for members, the company said.

The acquisition will also help Elevance achieve scale to address members' heath needs, beginning with members of its affiliated health plans, the company said.

It's the second acquisition announced by Elevance over the past several weeks. In late January the insurer entered into a definitive agreement to acquire Blue Cross Blue Shield of Louisiana, with BCBSLA joining Elevance Health's affiliated Anthem Blue Cross Blue Shield family of brands.

The two organizations said they're "aligned in a mission" to improve access, quality and affordability for Louisianans.

THE LARGER TREND

Elevance Health announced the launch of healthcare services brand Carelon in June 2022. Over the next two years, it will consolidate its existing broad portfolio of capabilities and services businesses. Carelon services range from research to integrated whole-person care delivery, pharmacy, behavioral health and digitally enabled solutions.

The previous acquisition that had been announced by Elevance was that of BioPlus, a comprehensive specialty pharmacy, in November. BioPlus provides a range of specialty pharmacy services for patients living with complex and chronic conditions, such as cancer, multiple sclerosis, hepatitis C, autoimmune diseases and rheumatology.

Elevance saw revenues climb more than 9% during the fourth quarter of 2022, hitting $39.9 billion, up from $36 billion in Q4 2021. But profit was down 16.5% year-over-year, declining from $1.1 billion last year to $949 million in 2022.

The increase in both the quarter and the full year, said Elevance, was driven by higher premium revenue due to membership growth in Medicaid, growth in Medicare Advantage and premium rate increases to cover overall cost trends.
 

Twitter: @JELagasse
Email the writer: Jeff.Lagasse@himssmedia.com