openPR Logo
Press release

Global Pharmacy Benefit Management (PBM) Market Report 2016 - 2024

03-10-2017 12:51 PM CET | Health & Medicine

Press release from: Global Pharmacy Benefit Management Market

Global Pharmacy Benefit Management (PBM) Market Report 2016 -

Pharmacy Benefit Management

Pharmaceutical drug prices continue soaring up and contribute significantly to total healthcare expenditure worldwide. The cost of drugs has risen more than any of the healthcare expenditure. As per the insurance consultants at Milliman, drug costs were merely 16% of the overall health costs in 2015, which rose by 102% over a decade and accounted for around 14% in 2015. Rising drug prices and increasing consumer spending on prescription drugs drives demand for pharmacy benefit managers (PBMs). The pharmacy benefit management system is operated by third party administrators (TPAs) who act as a liaison between pharmacists, insurance providers (payers), and drug manufacturers. There are established companies offering these services who aid in reducing drug prices by negotiating with retail pharmacies and drug manufacturers. Patients who have enrolled in various health plans and those uninsured can get the benefits of pharmacy benefit management system. Health plans collaborate with the pharmacy benefit managers to offer medications at a lower price than those available at retail pharmacies.

Browse Market Research Report:

Moreover, PBMs also aid in planning and managing the formulary as per customer needs, negotiating discounts and rebates with drug manufacturers, contracting with pharmacies, and processing the prescription claims. To manage the cost of prescription drugs and improve the customer value, PBMs use various tools such as pharmacy networks, mail-service pharmacies, drug formulary, e-prescribing, manufacturer’s discount, disease management, drug utilization review, and pharmacy discount cards (for the uninsured). To manage these tools and the PBMs account, there are various prescription claim software/systems marketed worldwide.

Pharmacy Benefit Management Market Taxonomy

The global pharmacy benefit management market can be analyzed on the basis of the beneficiaries of these services i.e. the healthcare providers, employers, and drug manufacturers. A major population in the U.S. receives healthcare benefits from their employers. Therefore, employers are also seeking to reduce their costs and opt for pharmacy benefit management services. The providers of pharmacy benefit management services also manage the prescription drug claims i.e. act as a link between the payers and health insurers.

The Pharmacy Benefit Management Market is Highly Concentrated in Developed Markets

The global pharmacy benefit management market is analyzed across five major regions - North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Presence of PBM is concentrated in the developed economies of North America and Europe. Increase in subscribers of Medicare prescription drug program is projected to fuel demand for PBMs in the U.S. Besides, the pharmacy benefit managers also aid in deciding whether a generic or branded product would benefit the patient. Patents for around 40 blockbuster brands worth US$ 155 billion are expected to expire by 2020. Generics have a good profit margin, which can benefit the pharmacy benefit managers/management companies, thus favorably shaping the pharmacy benefit management market outlook.

Fill the form for an exclusive sample of this report:

Similar scenario is observed in the Europe pharmacy benefit management market.

Challenges faced in the Pharmacy Benefit Management Market
With the introduction of expensive treatments/drugs for chronic diseases such as cancer, and hepatitis, demand for PBMs is projected to increase significantly. However, even with the presence of major players in this industry, the PBMs have been ineffective in curbing the drug price hike. Further, with the advent of Affordable Care Act and the constant endeavor of governments to reduce and cap the drug prices, profitability of this industry is expected to be significantly impacted in the near future.

Some of the major players present in the global pharmacy benefit management market include Express Scripts, CVS Caremark, Prime Therapeutics, United Health / OptumRx, Catamaran Corporation, Humana Pharmacy Solutions and MedImpact. Express Scripts acquired Medco Health Solutions for US$ 29.1 billion in April 2012, making it a leader with a significant share in the global pharmacy benefit management market. With increasing competition, industry consolidation is expected to be a prevalent trend in the near future.

Get 10% Discount For First Time Buyers:

About Coherent Market Insights:

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 opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Tel: +1-206-701-6702

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Global Pharmacy Benefit Management (PBM) Market Report 2016 - 2024 here

News-ID: 464584 • Views: 341

More Releases from Global Pharmacy Benefit Management Market

Global Pharmacy Benefit Management Market 2017-2021 ; Analysis and Key Players- …
Researchmoz added Most up-to-date research on "Global Pharmacy Benefit Management Market 2017-2021" to its huge collection of research reports. About Pharmacy Benefit Management 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

More Releases for PBM

U.S. Pharmacy Benefit Management (PBM) Market Outlook To 2026
U.S. Pharmacy Benefit Management (PBM) Market Outlook To 2026: In-Depth Market Overview, Key Business Model (Standalone, Health Insurance Providers, Retail Pharmacy), End-Use Type (Commercial, Federal), Regional Segmentation, Pricing Analysis, Pipeline Analysis, Competitive Dynamics, M&A Insights, Segment Forecast And Conclusion The U.S. Pharmacy Benefit Management (PBM) Market was valued at $370.00Billion in 2018 and is forecast to grow at a modest10.02 % CAGR between2018 and 2025, culminating in 2026 global sales of
Global Pharmacy Benefit Management (PBM) Market Global Pharmacy Benefit Management (PBM) Market The Global and Chinese Pharmacy Benefit Management PBM Industry, 20132023 Market Research Report is a professional and indepth study on the current state of the global Pharmacy Benefit Management PBM industry with a focus on the Chinese market. The report provides key statistics on the market status of the Pharmacy Benefit Management PBM manufacturers and is a valuable source of guidance and direction for companies
Pharmacy Benefit Manager (PBM) Market -Prophesy On Healthcare Infrastructure 202 …
Global Pharmacy Benefit Manager Market: Overview The healthcare industry has always been on an upswing but in the recent times, owing to the increased income of urban populations in emerging economies, the demand for proper management of healthcare infrastructure has multiplied exponentially. Pharmaceutical and diagnostic device manufacturers, as well as government agencies, are now leveraging the concept of pharmacy benefit managers (PBMs), who essentially are third-party administrators of prescribed drug distribution
Global Pharmacy Benefit Management (PBM) Market Technology Trends in Future
The Latest Research Report Global Pharmacy Benefit Management (PBM) Market Size,Status and Forecast 2025 provides information on pricing, market analysis, shares, forecast, and company profiles for key industry participants. - The main objective of this report is to aid the user in understanding the market as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part
Pharmacy Benefit Management (PBM) Market: Moving Towards a Brighter Future
Qyresearchreports include new market research report Pharmacy Benefit Management (PBM) to its huge collection of research reports. The business landscape of the global Pharmacy Benefit Management (PBM) market is undergoing dynamic changes. In order to facilitate a complete understanding of the complex industry scenario for clients and thus enhance their decision making process, the study on the global market presents a methodological explanation of this dynamic market scenario. The research study
Pharmacy Benefit Manager (PBM) Market in the US 2015-2019 include new market research report "Pharmacy Benefit Manager (PBM) Market in the US 2015-2019 - Market Attractiveness, Competitive Landscape and Forecasts to 2021" to its huge collection of research reports Request sample report @ PBMs are responsible for processing prescriptions for corporations or insurance companies. Earlier, their major role was administration and negotiation with drug pharmacies and manufacturers to get rebates on drug prices. Now they have evolved into