¹FTC Staff Report https://www.ftc.gov/system/files/ftc_gov/pdf/pharmacy-benefit-managers-staff-report.pdf
²IQVIA Institute: Global Use of Medicines: 2024, Outlook to 2028: iqvia-institute-global-use-of-medicines-2024-forweb.pdf .
³CoverMyMeds: data on file, 1, 2020 https://insights.covermymeds.com/medication-access-report/2020
⁴AMCP’s State PBM Reform Inventory: https://www.amcp.org/state-pbm-reform-inventory
80%
market controlled by 3 PBMs, bundled, vertically integrated, limited flexibility¹
55%+
of pharmacy spend is specialty, for less than 10% of members²
37%
of PA requests lead to treatment abandonment³
30+
states now require PBM transparency, audit rights, and rebate pass-through⁴
Why now
The PBM market is at a breaking point.
Federal structural reforms are reshaping the landscape. Specialty drug costs and GLP-1s are driving double-digit trend. And the three largest PBMs — controlling more than 80% of the market — rely on vertically integrated, bundled models that limit flexibility and obscure economics.
The timing of this combination is intentional. Clients are demanding a different kind of PBM relationship — one that delivers more flexibility, true accountability, and sustainable affordability. Consumers and healthcare providers deserve a better experience. Depth and breadth of experience matters now. What's been missing is a fully independent alternative with the technology and expertise to deliver at a national scale, without compromise. That changes with this strategic combination.
What we bring together
Complementary strengths. More capability over time.
Abarca Health and LucyRx share the same belief: a better way forward for prescription care. Together, the two companies will form a truly modern, independent pharmacy benefit manager with the scale, technology, and track record to credibly serve commercial and government clients of any size.
Deliver Savings · Partner for Growth · Don't Play Games
✔ 20+ years of government-grade operational discipline
✔ Medicare, Medicaid, and commercial health plan expertise
✔ Modern PBM platform with Darwin — configurable, interoperable, API-based
✔ AI-powered decisioning through Darwin Healthcare Intelligence
✔ Auditable, transparent economics — no black boxes
✔ Virtual vertical integration, best-in-class services, à la carte
Choice · Cost Transparency · Care
✔ Proven market expertise across all 50 states
✔ Connected Specialty Care Network with nationwide integration
✔ Formulary Marketplace — flexible, conflict-free formulary design
✔ LucyIQ intelligence platform for real-time clinical and pricing insights
✔ Care Guide patient support model with nurses and licensed pharmacists providing member-first care navigation
✔ U.S.-based certified pharmacy technicians, next-day home delivery
✔ 4,000+ clients nationwide
Together: One Mission. One Standard.
9 million+ members. 60,000+ pharmacy partners. No owned pharmacies. No insurance affiliations. No conflicts of interest. The only independent, modern PBM at scale, for employers, health plans, TPAs, labor groups, and government programs alike.
Business Continuity
Nothing changes for clients and members today.
Business continuity is not just a message — it is our operating principle. Here is exactly what stays the same.
Same Teams
Your account managers, client success teams, and day-to-day contacts are unchanged. Same people. Same relationships. Same responsiveness.
Same Commitment
Both companies remain committed to delivering on their contractual commitments and client promises.
Same Operations
Day-to-day execution continues without disruption to service, data, or workflows. Companies to continue to operate independently.
Same Market Focus
LucyRx continues serving employers and TPAs. Abarca continues leading in health plans and government programs.
Same Experience
Members continue using the same ID card, pharmacies, member portals, and support channels. Coverage and benefits are unchanged.
Same Leadership
Jason Borschow remains CEO of Abarca Health. David Blair remains CEO of LucyRx. Leadership is unchanged at both companies.
What gets better
Over time, the combination expands what's possible.
While nothing changes today, our combined scale and capabilities will unlock new opportunities for clients, members, and partners over time.
01
Expanded clinical and specialty depth for all clients
Over time, the combination will create a path to broader capabilities. Abarca clients will gain access to LucyRx's Connected Specialty Care Network, comprehensive clinical programs, and the Care Guides patient support model. LucyRx clients will gain Abarca's government program expertise and Darwin Healthcare Intelligence platform.
02
Broader operating scale across the supply chain
Combined scale across 9 million+ members strengthens network and rebate negotiations, creating better value that flows through to clients and members.
03
Decision-grade intelligence at every touchpoint
Darwin Healthcare Intelligence and LucyIQ, when deployed together, deliver real-time, AI-powered insights to clinical decision-making, pricing, and prior authorization, reducing friction for members and providers.
04
More pharmacy options and better member experience
Members will benefit from expanded retail, mail, and specialty pharmacy options, as well as enhanced clinical navigation for complex and chronic conditions.
Leadership
Two companies, one vision.
Post-closing, leadership at both companies will remain unchanged. Both brands will operate, as wholly owned subsidiaries of Healthcare Revolution Partners, with their existing CEOs continuing to lead and serving as Co-Chairs of Healthcare Revolution Partners at closing.
"Leveraging our combined scale, technology, and track record, we will accelerate the healthcare revolution Abarca started more than 20 years ago. Together, we will deliver a trusted operating foundation, tailored customer experiences powered by best-in-class technology, and total-cost-of-care savings anchored in putting patients first."
David Blair
Chief Executive Officer, LucyRx
"LucyRx shares our vision of making healthcare more seamless and personalized for everyone. We look forward to leveraging LucyRx's clinical capabilities, Connected Specialty Care network, and expertise serving employers and labor groups nationwide to deepen our service offerings and accelerate our entry into new market segments."
Jason Borschow
Chief Executive Officer, Abarca Health
Frequently Asked Questions
Answers to what you're wondering.
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Abarca Health and LucyRx will operate independently until the announced transaction receives regulatory approval and closing is completed. Post-closing, both companies will operate as wholly owned subsidiaries of the newly formed Healthcare Revolution Partners.