Elevance Health, a leading insurer, has recently acquired BioPlus, a specialty pharmacy subsidiary of CarepathRx and a portfolio company of Nautic Partners. The announcement was made public earlier this week, and it is expected to have a significant impact on the healthcare industry, particularly in the specialty drug space.
BioPlus offers a wide range of specialty pharmacy services for patients living with complex and chronic conditions, including cancer, multiple sclerosis, hepatitis C, autoimmune diseases, and rheumatology. With more than 100 limited distribution medications, BioPlus has a broad reach that touches all 50 states.
Elevance Health’s acquisition of BioPlus aims to help the insurer meet the specialty drug needs of clients and customers with a more whole-health focused approach. As part of the acquisition, BioPlus will now operate as part of CarelonRx, Elevance’s pharmacy benefit manager within Carelon.
Pete Haytaian, executive vice president of Elevance Health and president of Carelon, believes that the acquisition will help deliver greater affordability and access to critical medications, as well as a superior patient experience. Elevance Health plans to expand BioPlus’ service models to cover more complex disease treatment areas, with the goal of delivering distinctive clinical expertise and service for members.
The acquisition of BioPlus is the second acquisition announced by Elevance Health over the past few weeks. The insurer entered into a definitive agreement to acquire Blue Cross Blue Shield of Louisiana, which will join Elevance Health’s affiliated Anthem Blue Cross Blue Shield family of brands. This move shows that Elevance Health is committed to improving access, quality, and affordability for its members and customers.
Elevance Health launched its healthcare services brand, Carelon, in June 2022. Over the next two years, the insurer will consolidate its existing broad portfolio of capabilities and services businesses under the Carelon brand. Carelon services range from research to integrated whole-person care delivery, pharmacy, behavioral health to digitally enabled solutions.
In conclusion, Elevance Health’s acquisition of BioPlus is a significant move that will enable the company to better serve its customers and members with a more whole-health focused approach to specialty drugs. It is part of the insurer’s larger strategy to expand its capabilities and services businesses and improve access, quality, and affordability for its members and customers.