Prime is owned by 19 Blue Cross and Blue Shield Plans and manages the pharmacy benefits of nearly 38 million health plan members across the U.S. Prime’s board indicated Kamal is the right executive to grow the larger company.
“Mostafa’s vision for what we can become is inspiring and bold,” Maurice Smith, Prime’s board chairman who is also president and CEO of one Prime’s major owners, Health Care Service Corporation, the parent of five Blue Cross and Blue Shield plans, said Wednesday in announcing Kamal as the new CEO. “As Prime seeks to reimagine pharmacy benefit management, he is the right person to build on the strong foundation Ken leaves as he retires.
It’s a critical time for PBMs, which are hired by employers, health plans and government health programs to manage the rising costs of prescription drugs. Increasingly, just a small share of prescription drug claims account for most of the total spending on prescriptions thanks to expensive drugs derived from biotechnology.
But these days PBMs are poised to make a difference as less expensive copycat drugs known as “biosimilars” are developed as alternatives to the much more expensive brand name. PBMs are working to shift patients to biosimilars that work just as well as the brands.
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