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Blue Shield of California aims to produce 5 to 10 low-cost generic drugs in its initial effort, and the BCBSA/Civica group hopes that the first will be available by early 2022. (Photo: Shutterstock)

It may sound counter-intuitive, but a group of insurers is partnering with the “public asset” Civica Rx to bring down the cost of prescription drugs by producing generic versions at lower prices.

The New York Times reports that the insurers—the Blue Cross Blue Shield Association and 18 of its member organizations—have pledged $55 million in a partnership agreement with nonprofit Civica Rx “to create cheaper versions of expensive generic drugs for which there is little competition.”

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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