Rite Aid plans to rebrand its pharmacy benefit management company, EnvisionRxOptions, to be called Elixir, the company said March 16.
Rite Aid outlined its strategy during its investor day meeting and said it plans to grow its pharmacy benefit manager business by attracting new middle-market clients and potentially acquiring other PBMs in the future, Forbes reported.
The rebranding is an attempt by Rite Aid to keep its PBM competitive as an independent business as other PBMs are increasingly owned by large health insurance companies.
Rite Aid CEO Heyward Donigan said the company hopes to find a niche not dominated by the larger PBMs, according to Forbes.
Read the full news release here.