Elevance Health set to acquire specialty pharmacy Bioplus
Elevance says the acquisition will help it meet the specialty drug needs of its customers with a whole-health approach.
Photo: Martin Barraud/Getty Images
Elevance Health, formerly Anthem, has entered into an agreement with CarepathRx, a portfolio company of Nautic Partners, to acquire BioPlus, a comprehensive specialty pharmacy, 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 rheumatology.
Elevance Health said the acquisition would help it meet the specialty drug needs of its clients and customers with a whole-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 across more complex disease treatment areas. This, said Elevance, is to provide timely access to medication, deliver support services for both providers and patients, and ensure people receive clinical expertise and service at all levels of care.
Financial terms of the deal were not disclosed.
WHAT'S THE IMPACT?
BioPlus currently offers Centers of Excellence (CoEs), which attempt to address therapeutic areas such as oncology and multiple sclerosis, and Elevance Health will look to build out additional CoEs for therapeutic areas. CoEs include teams of specialized pharmacists and clinicians knowledgeable in therapeutics areas who partner with patients throughout their treatment journey. These services, said Elevance, help ensure medication access, adherence and high-quality health outcomes.
After the acquisition closes, the specialty pharmacy will operate as part of IngenioRx, Elevance Health's pharmacy benefit manager within Carelon. BioPlus' offerings are intended to complement IngenioRx capabilities, and Elevance hopes 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 both medical and pharmacy benefits from the latter's subsidiaries will be able to tap into the company's medical and pharmacy data.
Carelon will connect its businesses through its digital platform, so in situations where BioPlus' pharmacy team identifies a patient who may need behavioral health support or in-home care services, that team will be able to connect that patient to services to address their whole 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 LARGER TREND
Anthem first announced plans to rebrand with the name Elevance Health in March, which was spurred partly 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 optimize its brand portfolio, according to Anthem. While Anthem Blue Cross Blue Shield health plans' names will not change, the company expects to streamline other brands in the market to reduce complexities and improve consumer experiences.
Elevance took in $1.6 billion in profit in the third quarter of this year, marking a 7.2% gain from the same period in 2021. Revenues reached $39.9 billion, up 11.5% from the $35.8 billion in revenue posted a year ago.
Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com
