News Headlines Article

CalPERS awards $4.9 billion PBM contract, as it scrambles to control Rx drug costs
San Francisco Business Times

The California Public Employees Retirement System has awarded an estimated $4.9 billion, five-year pharmacy benefits management contract to OptumRx, a UnitedHealth Group (NYSE: UNH) subsidiary. The contract takes effect Jan. 1, and ends Dec. 31, 2021, officials said. OptumRx will administer prescription drug benefits for 486,000 CalPERS members, retirees, and dependents, or just over one in three of the 1.4 million total.