You are, I would say, a health conglomerate,
as are many of the big,
big companies. And one of the things that I found
interesting today during your Investor Day is that you talked
about how you're really leaning in much more to the
services side, particularly when it comes to Medicare.
There'd been talk that you were going after a Medicare
asset,
but you're actually now divesting what you have.
Why are you leaving the Medicare Advantage market on the
insurance side and focusing on the services?
So our our business portfolio is balanced.
We have a large benefits portfolio that's about 40%
of the company and we have a significant service portfolio
as you know that's about 70%
of the 60% of the company and both are growing
meaningfully.
In fact, the services business over the last five years
has added $90 billion of revenue and as we discussed
before that that's like birthing to Fortune
100 companies over a five year period of time.
So we see tremendous growth opportunity and across the services,
whether the pharmacy services, specialty pharmacy services,
virtual care, behavioral health care,
home care, we see the ability to continue to grow.
Specific to your government programs,
we see the government space as a continued growth opportunity,
but our focus is on the service side.
We have the ability to serve health plans,
integrated delivery systems that are risk bearing and otherwise in
terms of bringing additional service to them,
whether it's Medicare, Medicaid, exchange or other programs.
And our model has been now proven where we have
$180 billion of revenue in our service portfolio,
which will grow $20 billion from
2023 to 2024. So we're excited about the growth algorithm
we have.
One of the things that you're focusing on is the
GLP One diabetes and obesities drugs and you announced a
new program today.
How will that work for employers in terms of being
able to rein in costs and what would that mean
to me if I were a patient
on that drug? So we built our Evernorth portfolio of
capabilities guided by a few forward-looking trends,
one of which we believe for the next decade pharmaceutical
or pharmacological innovation was going to define the next decade
and GLP ones are an example of that.
Another example are the fact that there's only 21 gene
therapies and cell therapies today.
There's fully 1000 in the pipeline.
Now back to GLP ones.
The vast majority of all clients be the employers or
health plans immediately began to cover GLP ones for diabetes.
The additional part is for obesity.
Those are choices that employers and health plans are making
and employers who started to cover,
some of which have actually dropped coverage because of the
cost profile.
We harnessing the breadth of our capabilities,
information, clinical program, lifestyle management as well as pharmaceutical resources.
We're able to launch a new program today which you
referenced our Encircle RX program that actually has a guarantee.
We're able to bring alignment and a guarantee for a
portion of a population who will be covered under obesity,
support it with lifestyle management programs and with alignment back
to the pharmaceutical manufacturers to give broader access to GLP
ones for people in need of it for obesity management,
more predictability for employers who need predictability around affordability.
And importantly, alignment. One thing that guides our business is
alignment.
We want to align the objectives in ourselves,
in that case, an employer or health plan and the
pharmaceutical manufacturer.
There's a high degree of interest in the marketplace and
this is the first of its kind that has been
launched.