It would be best if you stopped wearing contact lenses until you have established the cause. Certain conditions can cause a pinky color and itchiness while wearing contact lenses. These include giant papillary conjunctivitis, which irritates the inner eyelids as a result of contact lens wear. Bacteria from those who sleep in their contact lenses can cause ‘contact lens-induced red eye.’ Other conditions causing the pink color include eye allergies, poorly fitted/defective lenses, dry eye syndrome, corneal ulcers, and allergic reaction to contact lens solution.