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The global pharmacy benefit management market grew at a CAGR of around 6% during 2015-2020. Pharmacy benefit management (PBM) refers to a system wherein a third-party administrator manages prescription drug programs on behalf of health insurers, pharmacies, drug manufacturers, etc. This system performs significant operations at various levels in the supply chain of pharmaceutical products, from financing to setting dispensing policies. The PBM companies also conduct generic drug substitution, negotiate drug rebates with manufacturers and pharmacies, and participate in drug formulary development and management. As a result, they provide numerous services, including specialty pharmacy services, retail pharmacy services, drug formulary management, disease management services, benefit plan design and consultation, etc.
The global pharmacy benefit management market is primarily driven by the growing need for cost management services due to the increasing prevalence of chronic diseases and rising healthcare expenditures. Several consumers are getting inclined towards PBM systems for wider access to medications across multiple retail pharmacy networks. Additionally, the growing presence of similar drugs in the market with minimal difference in their APIs has resulted in the increasing price sensitivity of these drugs. As a result, there is a growing demand for PBM systems that release drug formularies for all drugs covered under their benefit plans, wherein manufacturers are receptive to offer discounts. Apart from this, the rising integration of PBMs with specialty pharmacies for better expertise and connections with pharmaceutical companies to establish drug contracts is also propelling the market growth. Additionally, the growing number of partnerships and alliances between pharmacy benefit management organizations and health insurance companies for improving affordability and personalization of health insurance plans is further driving the global market for PBMs. Moreover, the introduction of advanced benefit management services, including disease management, drug utilization programs, and pharmacy-medical integrated products, will continue to drive the market growth in the coming years. Looking forward, IMARC expects the global pharmacy benefit management market to exhibit continuous growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global pharmacy benefit management market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, service, business model and end use.
Breakup by Service:
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Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Aetna, Inc., Centene Corporation, Cigna Corporation, CVS Health Corporation, Express Scripts Holding Company, Magellan Health, Inc., Medimpact Healthcare Systems, Inc., Optumrx, Inc., Prime Therapeutics LLC, ProCare Rx, and SS&c Technologies, Inc.
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