| 2019-12-10 14:44:34|
CVS, CI… 14:44 12/10 12/10/19
CVS, Cigna fall after Blue Cross Blue Shield's PillPack announcement
Shares of CVS Health (CVS) and Cigna (CI) were trading lower following an announcement from Blue Cross Blue Shield of Massachusetts over the integration of Amazon's (AMZN) PillPack into its MyBlue member app and website. WHAT'S NEW: This morning, Blue Cross Blue Shield of Massachusetts announced a new pharmacy integration in its MyBlue member app and website that enables members to "seamlessly manage" and fill their prescriptions with PillPack by Amazon Pharmacy. Blue Cross has worked with PillPack to create a digital option for eligible members to switch to PillPack directly from their Blue Cross MyBlue member app or website. "We know many of our members are managing multiple daily medications, which can cause confusion and stress," said Andrew Dreyfus, president and CEO of Blue Cross Blue Shield of Massachusetts, a not-for-profit health plan. "By making it easy to use PillPack, we are giving our members easy access to a simpler, more personalized experience that removes the guesswork from managing multiple medications. Members will receive automatic, reliable, clearly labeled prescriptions at their homes when they need them." WHAT'S NOTABLE: Last month, CNN Business reported that Amazon had re-named its PillPack business to "Pillpack by Amazon Pharmacy" from its original title of "PillPack, an Amazon company," signaling the ecommerce giant's dedication to healthcare services. NY LIFE: The Wall Street Journal reported earlier that New York Life Insurance is in talks to acquire Cigna's nonmedical benefits business in a deal that could be valued at up to $6B. People familiar with the matter told the Journal that Cigna has been seeking a buyer for the business that sells life, accident and disability-income insurance to employers for their workers. PRICE ACTION: In afternoon trading, shares of Cigna are down 2.8% while CVS shares are 2.6% lower.
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