Pharmacy Benefit Management (PBM) is a third party administrator of prescription drug programs for health plans, insurance companies, employers, and other organizations. PBMs are given the responsibility of developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, and processing and paying prescription drug claims. In addition, PBMs provide services to their clients such as drug utilization review, formulary management, and educational programs.
Factors such as growing demand for cost-effective medication, rising geriatric population, increasing prevalence of chronic diseases, and favorable government regulations are driving the growth of the market. However, the threat of cyber-attacks, stringent regulatory requirements, and complex drug pricing models are expected to limit market growth.
The global Pharmacy Benefit Management (PBM) market was valued at US$ 490170 million in 2022 and is anticipated to reach US$ 683590 million by 2029, witnessing a CAGR of 5.7% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Pharmacy Benefit Management (PBM) Market available at: https://www.themarketreports.com/report/global-pharmacy-benefit-management-pbm-market-research-report
This report aims to provide a comprehensive presentation of the global market for Pharmacy Benefit Management (PBM), with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Pharmacy Benefit Management (PBM).
Three major PBMs maufacturters include Express Scripts, CVS Health, and OptumRx, which comprise 75% of the market.
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