Rite Aid’s PBM Critical To 2020 Turnaround Strategy [Forbes]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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Source: Forbes
Rite Aid’s pharmacy benefit manager is emerging as a key to the drugstore chain’s future given better than expected growth heading into 2020. Rite Aid’s EnvisionRxOptions PBM was a bright spot in last week’s fiscal third quarter earnings report, Rite Aid said Medicare Part D numbers will jump by 140,000 to 840,000 come January 1, 2020 after a successful open enrollment period that just completed. Seniors have a choice each year and Rite Aid’s plans were an attractive option, the company said. “EnvisionRxOptions is one of our most important assets and we're bullish on its growth potential,” Rite Aid chief executive Heyward Donigan told analysts last week during the company’s fiscal third quarter earnings call. The growth of EnvisionRxOptions comes as rival PBMs are getting bigger and competition is poised to become fierce. Just last week announced a three-year collaboration. And last year, Cigna bought the PBM Express Scripts while Anthem this year is rolling out its own PBM, IngenioRx
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