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Pharmacy Benefit Management Market Launching new pharmacies and benefit programs to expand a CAGR by 2028

10-20-2021 10:20 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Coherent Market Insights

Pharmacy Benefit Management Market

Pharmacy Benefit Management Market

Pharmacy benefit management system is operated by third party administrators who act as the link between the manufacturers, pharmacies, insurers, and the customers. Moreover, the system help provide employers with prescription drugs and medical services at reduced costs. The cost reduction is achieved by entering in contracts with pharmacies, through rebates with the drug manufacturers, paying prescription drug claims, and by working with self-insured companies and government programs. Over the years, the cost of medication has increased more than any other healthcare expenses. Thus, there is a need for pharmacy benefit management, which in turn is expected to fuel the growth of the pharmacy benefit management market.

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Market players are focusing on bringing a simpler business model, new technology, and more transparency. For example, in July 2021, Major insurers Anthem and Humana teamed up with SS&C to launch a next-generation pharmacy benefit management platform, named DomaniRx, to offer its users with data analytics and end-to-end transparency around drug costs. It will help them better comply with the changing regulatory environment. This in turn is expected to augment the growth of the pharmacy benefit management market. Today, pharmacy benefit management is at the center of the pharmaceutical supply chain, acting as mediators between pharmacies, pharmaceutical companies, and payers.

Such platforms are responsible for processing the majority of prescriptions written in the U.S. by prescribers annually. For example, in February 2021, RxParadigm, a new company, was launched to restore drug industry competitiveness, reduce the costs of prescription drugs, and increase the availability of life-saving therapeutics to Americans. A major population in the U.S. receives healthcare benefits from their employers.
Therefore, employers opt for pharmacy benefit management to reduce their costs. The providers also manage the prescription drug claims i.e. act as a link between the payers and health insurers.

Moreover, the pharmacy benefit management services use various tools such as drug utilization review, disease management, manufacturer’s discount, e-prescribing, drug formulary, mail-service pharmacies, pharmacy networks, and pharmacy discount cards to reduce or manage the cost of prescription drugs, as well as help improve the customer value. Furthermore, with the introduction of costly drugs/treatment for chronic diseases such as cancer, there is an increasing demand for pharmacy benefit management, worldwide. This in turn is expected to propel the pharmacy benefit management market growth.

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Table of Contents

-- Report Overview: It includes the Pharmacy Benefit Management market study scope, players covered, key market segments, market analysis by application, market analysis by type, and other chapters that give an overview of the research study.

-- Executive Summary: This section of the report gives information about Pharmacy Benefit Management market trends and shares, market size analysis by region and analysis of global market size. Under market size analysis by region, analysis of market share and growth rate by region is provided.

-- Profiles of International Players: Here, key players of the Pharmacy Benefit Management market are studied on the basis of gross margin, price, revenue, corporate sales, and production. This section gives a business overview of the players and shares their important company details.

-- Regional Study: All of the regions and countries analyzed in the Pharmacy Benefit Management market report is studied on the basis of market size by application, the market size by product, key players, and market forecast.

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Key Benefits:

• This study gives a detailed analysis of drivers and factors limiting the market expansion of Pharmacy Benefit Management

• The micro-level analysis is conducted based on its product types, end-user applications, and geographies

• Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players

• By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Pharmacy Benefit Management market

The research study can answer the following Key questions:

• What will be the progress rate of the Pharmacy Benefit Management Market for the conjecture period, 2021-2028?

• What are the prominent factors driving the Pharmacy Benefit Management Market across different regions?

• Who are the major vendors dominating the Pharmacy Benefit Management industry and what are their winning strategies?

• What will be the market scope for the estimated period?

• What are the major trends shaping the expansion of the industry in the coming years?

• What are the challenges faced by the Pharmacy Benefit Management Market?

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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Oceania, LATAM, South America, NORDIC, West Europe, Europe or Southeast Asia.

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About Author:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunities.

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