Anthem Breaks With Express Scripts, Will Start Own Drug Plan

Health insurer Anthem Inc. plans to set up its own pharmacy benefits management unit, signaling a final break with Express Scripts Holding Co. after accusing it of overcharging by billions of dollars.

The move means Express Scripts will not only lose its biggest client but also face a new rival. Anthem’s new unit, called IngenioRx, will grow its own business with a “full suite” of services, the insurer said in a statement Oct. 18.

Anthem said it had also secured a five-year agreement with CVS Health Corp. -- the operator of a pharmacy benefits manager that is Express Scripts’ biggest ...