According to FutureWise analysis, the market for Pharmacy Benefit Management is expected to grow with a CAGR of 9.20% over the forecast period 2023-2031, and reach a market value of US$ 1116.1 billion by 2031.
U.S. Pharmacy Benefit Management (PBM) is a system that helps facilitate and manage prescribed medication benefits on behalf of health insurers, government programs, and employers. PBMs play a vital role in the healthcare industry by acting as intermediaries between pharmacies, drug manufacturers, and health insurance providers. PBMs negotiate with pharmaceutical manufacturers to secure discounts and rebates on prescription medications. These negotiated prices are often lower than what would be paid without the involvement of a PBM. PBMs also develop and maintain a list of preferred drugs, known as formularies. The formulary is a list of drugs protected by the insurance plan. Medications not on the formulary may require higher co-payments or may not be covered. Some PBMs offer services to educate patients about their medications, provide information about potential side effects, and help with medication adherence.
Pharmacy Benefit Management (PBM) in the US plays a crucial role in the healthcare system by acting as an intermediary between insurers, pharmaceutical manufacturers, and patients. One key aspect of PBM services is the management of Specialty Pharmacies and Retail Pharmacies. Specialty pharmacies focus on providing medications for complex, chronic, or rare conditions. These pharmacies have specialized knowledge infrastructure and often have direct relationships with pharmaceutical manufacturers to dispense high-cost, specialized medications. They offer various services, including medication counseling, adherence monitoring, and support for patients navigating the complexities of specialty drugs. On the other hand, retail pharmacies form the more familiar face of the pharmaceutical industry, with a widespread presence in communities nationwide. They serve as accessible points of care for everyday medication needs, offering a wide array of prescription and over-the-counter drugs. Retail Pharmacies also play a crucial role in patient education, counseling, and ensuring medication adherence.
FutureWise Market Research has published a report that provides an insightful analysis U.S. pharmacy benefit management market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts U.S. pharmacy benefit management market estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.