Pharmacy Benefit Management Market Growth Drivers, Business Strategies and Future Prospects (2022-2027)

In the past decade, tech innovations have drastically changed the way people live. Education, entertainment, consumer buying patterns, and consumer outlook on healthcare services have been permanently transformed due to technological innovations. Today, consumers expect more simplified workflows, higher efficiency, and quicker turnaround time. They are also willing to employ specialist services for better results. In this context, pharmacy benefit management solutions are being rapidly adopted across various industries such as pharmaceutical manufacturing, medical insurance, and retail pharmacy chains. Market players are able to utilize this service to streamline their supply chains, offer faster delivery, and fulfill the demand in the retail pharmacy sector. In the near future, enhanced end-user experience and growing prices of pharmaceutical products are projected to be the main drivers of growth in the global pharmacy benefit management market.

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Consumer Awareness Towards Healthcare Driving Demand for Pharmacy Benefit Management

Over the past decade, the pharmaceutical and healthcare sectors have witnessed immense transformation. The business disruption brought on by COVID-19 led to the higher adoption of specialized solutions such as pharmacy benefit management systems in order to build more responsive and proactive healthcare delivery systems. In recent times, key market players witnessed a substantial increase in demand for pharmacy benefit management solutions. Over the forecast period, this trend is poised to mature, with several insurance providers employing pharmacy benefit management tools to better negotiate drug prices from retail pharmacies and reduce the listed price in their insurance coverage policies. The cumulative force of these trends is expected to open fresh revenue streams in the global pharmacy benefit management market.

Rising Incidence of Chronic Diseases to Soar Demand

The growing incidence of chronic diseases has created sustained demand for novel drugs and therapies. Big pharma is investing in robust R&D to meet this demand. Notably, the high demand for various medicines has skyrocketed the prices of some of the chronic disorder treatment drugs and formulations. Various specialty drugs used for treating chronic disorders have also been affected by this inflation, making them inaccessible to a majority of the patient population. Pharmacy benefit management tools reduce the cost of these drugs, making them available to a larger customer pool and driving the price of drugs towards achieving economies of scale. All these factors are predicted to drive the pharmacy benefit management market toward maturity.

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Sound Healthcare Awareness Positions North America as Regional Leader

The North American market is projected to sustain its status as the dominant player in the pharmacy benefit management market. This can be attributed to higher consumer awareness and focus on healthcare, a larger patient pool under medical coverage, higher spending capacity, a high density of pharmacy benefit managers (PBMs), and favorable government norms in the region. These factors are expected to create sound growth prospects for the pharmacy benefit management market in North America.

Key Market Players

Some of the major market players in the global pharmacy benefit management market include OptumRx Inc., CVS Health, Benecard Services, LLC, Medimpact, Rite Aid Corp, Cigna, Centene Corporation, Benecard Services, LLC, and Anthem Inc.

Global Pharmacy Benefit Management Market is Segmented as Below:

By Service Type
• Specialty Pharmacy Services
• Drug Formulary Management
• Benefit Plan Design and Consultation
• Mail Order Service
• Other Services

By Business Model
• Government Health Programs
• Employer-sponsored Programs
• Health Insurance Management

By End User
• Pharmacy Benefit Management Organization
• Mail Order Pharmacies
• Retail Pharmacies
• Inpatient Pharmacies
o Acute Care Settings
o Long Term Care Facilities
• Outpatient Pharmacies
o Outpatient Clinics
o Hospital Retail Settings

By Region
• North America
• Europe
• Asia Pacific
• LAMEA

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