Pharmacy Benefit Management Market Is Booming Worldwide | Aetna, Cigna, CVS Health, Express Scripts
HTF analysts forecast the global pharmacy benefit management market to grow at a CAGR of 6.14% during the period 2017-2021.
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PBMs are responsible for processing prescriptions and claims for people or corporations that wish to provide insurance to their employees. The primary role of a PBM is to keep drug prices in control. This is achieved by negotiating a fair price, which consumers can afford, and is mutually agreed upon by the pharmacy, the manufacturer, and the insurance company. The global pharmacy benefit management market is a key segment of the global healthcare market. PBMs mediate between the key stakeholders in the healthcare system. As a concept, pharmacy benefit management originated in the US and has been adopted across the globe.
HTF recognizes the following companies as the key players in the global pharmacy benefit management market: Aetna, Cigna, CVS Health, Express Scripts, and UnitedHealth.
Other Prominent Vendors in the market are: Anthem, Centene, China Jo-Jo Drugstore, DST Systems, Humana, Kaiser Permanente, Magellan Health, McKesson, MedImpact, OmedaRx, Prime Rx Pharmacy, Prime Therapeutics, Rite Aid, RxSolutions, Vidalink, and Walgreens Boots Alliance.
Commenting on the report, an analyst from HTF’s team said: “One trend in the market is disruption of key M&A. The market is heavily reliant on key M&A as they can determine whether a new combined entity will emerge and threaten to occupy the larger market share. Key mergers between two mid-sized companies could also propel them to form a combined entity, which would command a greater market share.”
According to the report, one driver in the market is increasing global healthcare expenditure. The growing prevalence of generic and chronic diseases and low co-payment or co-insurance costs have resulted in the increase in healthcare expenditures across the world. Healthcare expenditure is the measure of the overall amount spent on healthcare products and services. This also includes personal healthcare such as rehabilitative care, long-term care, and ancillary services. Healthcare is financed through a mix of financing arrangements including government spending and compulsory health insurance as well as voluntary health insurance and private funds such as households’ out-of-pocket payments and private corporations.
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Further, the report states that one challenge in the market is unclear revenue models. Pharmacy benefit management companies have faced criticism with regards to their revenue models and how they disclose limited information about their revenue sources. The lack of a global regulatory body has been cited in federal courts and senate meetings in the US as the root cause of unfair business practices being prevalent in the market. It has been alleged that the market lacks three essential elements that define a competitive market. They are transparency, choice, and lack of conflicts of interest. These aspects individually or in combination have prevailed in the market and have given rise to PBMs engaging in anticompetitive, deceptive, and fraudulent conduct.
View Detailed Table of Content @ https://www.htfmarketreport.com/reports/840994-global-pharmacy-benefit-management-market
Table of Contents
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: MARKET LANDSCAPE
• Market ecosystem
• Market characteristics
• Market segmentation analysis
PART 05: MARKET SIZING
• Market definition
• Market sizing 2016
• Market size and forecast
PART 06: FIVE FORCES ANALYSIS
• Bargaining power of buyers
• Bargaining power of suppliers
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