Pharmacy benefit manager (PBM) works as a third-party administrator. Pharmacy benefit management is an organization of prescription drug programs that administers, monitors, and handles all the issues related to healthcare, and provides drug benefit programs to the employers. In addition, it helps in providing employers with medical services and prescription medications at reduced costs. The cost reduction is achieved through rebates with drug manufacturers, entering in contracts with pharmacies, processing, and paying prescription drug claims as well as by working with self-insured companies and government programs. Pharmacy benefit management releases the list of prescription drugs that include all drugs covered under its benefit plans, wherein manufacturers are accessible to offer discounts. Pharmacy benefit management can be diverse and flexible ranging from small to large in size. Some of the areas of the pharmacy benefit manager include assessing clinical programs for large populations; medication therapy management programs; and information about tablet splitting, low cost therapeutic alternative, and mail order service.
The pharmacy benefit management market is expected to witness significant growth during the forecast period, due to factors such as surge in need to abate medication errors, rapid regionalization of pharmacies, rise in geriatric population, and increase in labor costs. However, reluctance to adopt pharmacy automation systems and stringent regulatory procedures on client confidentiality hinders the growth of the pharmacy benefit management market. On the contrary, increase in awareness among pharmacists and healthcare providers about the cost reduction measures and the services provided by the Pharmacy benefit manager are expected to serve as lucrative opportunities for market expansion during the forecast period.
The pharmacy benefit management market is segmented based on service, business model, end user, and region. On the basis of service, the market is classified into specialty pharmacy services, drug formulary management, benefit plan design & consultation, and other services. Depending on business model, it is categorized into government health programs, employer-sponsored programs, and health insurance management. By end user, it is fragmented into pharmacy benefit management organization, mail order pharmacies, retail pharmacies, inpatient pharmacies, and outpatient pharmacies. The inpatient segment is further divided into acute care settings and long-term care facilities. Outpatient is sub segmented into outpatient clinics and hospital retail settings. Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa and rest of LAMEA).
Major key players operating in global pharmacy benefit management market are CVS Health, SS&C Technologies, Inc., UnitedHealth Group, Rite Aid Corp., Express Scripts Holding Company, Benecard Services, LLC., CaptureRx, Change Healthcare, Anthem, Inc., and ProCare Rx.
KEY BENEFITS FOR STAKEHOLDERS
- An in-depth market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global pharmacy benefit management market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current market trends and future market potential in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the pharmacy benefit management market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of global pharmacy benefit management market.
Pharmacy Benefit Management Market Report Highlights
By Business model
By End User
Key Market Players
Benecard Services LLC., UnitedHealth Group, SS&C Technologies Inc., Rite Aid Corp., Express Scripts Holding Company, CaptureRx, Anthem Inc., Change Healthcare, CVS Health, ProCare Rx