Pharmacy Benefit Managers (PBMs) are the third-party administrators of prescription drug benefits, and they have been growing in popularity in recent years. The three largest PBMs are Express Scripts, CVS Caremark, and OptumRx. While their services used to be limited to large employers, PBMs are now also providing services to small businesses and individuals.
The global pharmacy benefit manager market is expected to register a global CAGR of 5.5% during 2018 – 2026 with North America accounting for a significant market value share by the end of the forecast period.
PMR delivers key insights on the global pharmacy benefit manager market in its report titled “Pharmacy Benefit Manager Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026.” Value growth of the global pharmacy benefit manager market is expected to remain attractive as the market is estimated to grow continuously with a CAGR of 5.5% in terms of value during the forecast period 2018 – 2026. On the basis of service, specialty pharmacy services affiliated with pharmacy benefit managers are expected to register the most attractive growth during the forecast period. Based on the demand determinants, health insurance companies functioning as pharmacy benefit managers are expected to gain the highest market share penetration during the forecast period.
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The global annual revenue from pharmacy benefit manager was valued at US$ 437,298.0 Mn by the end of 2017, and is estimated to grow at a steady pace over the forecast period. The dominant region, i.e., North America accounted for a majority share in the global pharmacy benefit manager market. The region is likely to continue dominating the global market over the forecast period.
The incorporation of the pharmacy benefit manager concept was practiced by large industries over a decade ago. With upgraded benefit plans and cost-effective solutions & services, pharmacy benefit managers have been adopted by small- and medium-sized enterprises as well. Pharmacy benefit managers are widely used by all tier companies to streamline the employee health and pharmacy benefits. Thus, pharmacy benefit managers are gaining importance in various commerce sectors. Growth in the global pharmacy benefit manager market is driven by demand for advanced prescription products, focus on reduction of drug cost, regulatory guidelines, and to better manage the member’s health conditions. Key regulatory requirements that drive the pharmacy benefit manager market are changes due to Medicare Part-D guidelines, healthcare reforms, and NCPDP regulations.
The demand for innovative programs, such as disease and patient case management programs, advanced drug utilization programs, and pharmacy-medical integrated products have been the drivers for a number of emerging trends in the pharmacy benefit manager market. Additionally, the influence of social media networking is increasing rapidly in the pharmacy benefit manager arena. Almost all pharmacy benefits managers are responding to these drivers in similar yet distinct approaches.
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The pharmacy benefit manager market in North America is estimated to hold the highest market share in the pharmacy benefit manager market, during the forecast period, due to the high adoption rate of pharmacy benefit manager services and solutions in the commercial sector. The ever-rising mortality and morbidity rates are motivating regional vendors to accelerate their pharmacy benefit manager businesses. Pharmacy benefit management companies are focusing on helping their clientele to manage their health condition more efficiently and effectively. Multiple programs are available in the North American pharmacy benefit manager market that strive to achieve this objective.
The pharmacy benefit manager market has a high potential in Latin America owing to government health programs and health insurance companies combining and utilizing various resources in the market to provide member-healthcare benefits. Thus, the pharmacy benefit manager market in Latin America region will be targeted the most by the pharmacy benefit manager market participants. The need to enhance the effectiveness and efficiency of chronic illness medications is expected to attract the attention of pharmacy benefit manager service providers towards the Latin America region.
According to PMR analysis, long-term contracts with business partners are expected to help increase revenue and new service strategies will enable pharmacy benefit manager vendors to reach new growth markets. Some of the key market participants in the global pharmacy benefit manager market include:
- Express Scripts Holding Company
- CVS Health Corporation
- DST Systems, Inc.
- Rite Aid Corp.
- ProCare Rx.
- UnitedHealth Group
- Benecard Services, LLC
- BioScrip, Inc.
- Change Healthcare
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