Fierce Healthcare August 1, 2024
Updated at 2:30 p.m. ET on Aug. 1
Cigna CEO David Cordani mounted a defense of pharmacy benefit managers during the company’s earnings call on Thursday morning as regulators and critics turn up the heat on the industry.
Cigna owns Express Scripts, which along with CVS’ Caremark and UnitedHealth Group’s Optum Rx, dominate the PBM space. Cordani said that pharmacological innovation is a “key force of change in healthcare,” but as new and more sophisticated drugs come to market, they also come with a price.
Last year, the median yearly cost for new therapies grew by $300,000, or 25%, compared to 2022, Cordani said. However, Express Scripts was able to keep cost-sharing “relatively flat on average,” demonstrating the significant role...
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