Tyson Foods Inc (NYSE:TSN) has reportedly announced its departure from traditional pharmacy benefits managers (PBMs) in favor of startup Rightway.
With 140,000 employees affected, Tyson aims to curb high-cost drug expenses, making it one of the first Fortune 100 companies to do so.
The decision to shift away from CVS Health Corp’s (NYSE:CVS) Caremark underscores Tyson’s commitment to controlling escalating pharmacy costs.
In August 2023, Blue Shield of California discontinued its utilization of Caremark, the pharmacy-benefit manager responsible for negotiating drug prices and overseeing services like mail-order pharmacy.
It joined hands with Amazon.com (NASDAQ:AMZN) to manage at-home drug deliveries, Mark Cuban’s Cost Plus Drug Company to facilitate access to affordable medications, and Abarca to handle drug claims processing.
This departure aligns with a growing industry upheaval where smaller, more transparent PBMs are gaining ...