Waltz Health Partnered with Fresenius Kabi on Biosimilars
Employers can now access three specific biosimilars through a direct-to-payer platform that bypasses traditional PBM rebate structures.
Updated on Sept. 29, 2026 in Healthcare
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Waltz Health has formed a partnership with Fresenius Kabi to offer direct access to biosimilar medications for rheumatology, dermatology, and gastroenterology. The collaboration allows employers to sidestep conventional pharmacy benefit management (PBM) contracts and rebate-based pricing models.
Why it matters
By removing intermediaries, the platform seeks to improve cost transparency and access for employers seeking alternatives to high-cost specialty drugs. This shift moves pharmacy procurement away from opaque wholesaler networks toward a flat-fee model.
The partnership includes 3 biosimilar medications across 3 therapeutic categories. These drugs are interchangeable with Humira, Stelara, and Actemra, bypassing traditional rebate-based PBM contracts.
The players
Waltz Health
A healthcare technology company that provides a platform for employers to manage pharmacy benefits and medication access.
Fresenius Kabi
A global healthcare company specializing in medicines and technologies for infusion, transfusion, and clinical nutrition.
Novo Nordisk
A multinational pharmaceutical firm focused on diabetes care, obesity treatment, and other chronic diseases.
Eli Lilly
A global pharmaceutical company that researches, develops, and markets medications for metabolic and endocrine conditions.
The details
The Waltz Connect platform functions by integrating directly with employers to provide medication access while utilizing a flat-fee structure. By calculating pharmacy costs in the background, the system avoids the traditional wholesaler and rebate mechanisms that complicate benefit management. This follows previous direct-to-payer efforts by Waltz Health involving GLP-1 medications from Novo Nordisk and Eli Lilly.
Timeline
Waltz Health launched its direct-to-employer offering for GLP-1s at the beginning of 2026.
Market Landscape
This partnership follows the trend of direct-to-employer pharmacy benefit platforms seeking to disintermediate the PBM model. It aligns with broader market efforts to simplify medication access through flat-fee structures rather than historical rebate systems.
Employers should evaluate if their current PBM contracts rely on rebate structures that inflate specialty drug costs compared to flat-fee alternatives. Monitoring the performance of these direct-to-payer models is essential for companies looking to manage long-term specialty pharmacy spend.
The takeaway
This partnership signals a continued push toward transparent, flat-fee pharmacy procurement as a way to control specialty drug costs. Operators should track how these direct platforms impact their upcoming contract renewals for pharmaceutical benefits.
Further reading
For more on industry shifts, visit the Healthcare section.
Source note: This article includes information reported by FierceHealth.
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