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DUBLIN, July 18, 2022 /PRNewswire/ — The “Pharmacy Benefit Management Market in the US – Industry Outlook & Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The US pharmacy benefit management market is expected to grow at a CAGR of 5.53% during 2022-2027
The study considers a detailed scenario of the present US pharmacy benefit management market and its market dynamics. It covers a detailed overview of several industry growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
MARKET INSIGHTS
The PBM industry refers to companies that act as intermediaries between insurance companies, pharmacies, and pharmaceutical companies. PBM is responsible for reducing insurers and their drug costs. They achieve this by negotiating with pharmacies and pharmaceutical companies. The pharmacy benefit management systems entered the pharmaceutical industry in the 1960s to meet the needs of employer-based health benefits. They soon became an important stakeholder in the entire pharmaceutical supply chain.
Pharmacy costs represent almost 32% of the total health care spending, and this expenditure is expected to grow more than two times during the forecast period. Currently, pharmacy benefit management plays a major role and acts as an intermediary between payers, drug manufacturers, and pharmacies.
Since PBMs play a significant role in influencing out-of-pocket costs and patient access to medications owing to their management tools, formulary power, and price concessions. They are in a position of power to pass savings to customers. According to PBM lobby groups , between 2020 to 2029, PBM tools will reduce consumer and plan sponsors’ spending by more than $1 trillion.
There is a growing criticism of PBMs with claims that they are driving up costs of drug prices, making huge gains via pharmacy spreads, rebates from manufacturers, and fees from the supply chain. This is being spurred by the opaqueness of the true cost of drugs to …
Full story available on Benzinga.com
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