Albany, NY , Feb. 17, 2016 (GLOBE NEWSWIRE) -- ‘Pharmacy Benefit Manager (PBM) Market in the US 2015-2019’, a new report that is now available on MarketResearchReports.biz, extensively covers the current scenario and growth prospects of the market with a focus on the United States. The recent healthcare reforms enacted by the American government have led to a greater demand for PBMs. The report expects that the United States pharmacy benefit manager market will register a 7.16% CAGR between 2014 and 2019.
Pharmacy benefit managers manage tasks related to the processing of prescriptions for insurance companies and other ancillary corporations. While the role of PBMs was previously limited to negotiating contracts with drug manufacturers and pharmacies to avail a rebate on drug prices, their role has evolved remarkably against the backdrop of several regulatory changes that have reshaped the healthcare industry in the United States. Pharmacy benefit managers now find themselves increasingly taking over negotiations and details related to drug benefit aspects of healthcare plans in the United States. Considering the immense regulatory pressure on hospitals and healthcare institutions to curb costs – a scenario that is only worsened by increasing drug prices and healthcare services, the role of PBMs has become important. PBMs, in their capacity as an intermediary between healthcare entities and the payer, help achieve the desired balance.
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Pharmacy benefit managers generate revenue by charging service fees for large contracts, especially where they are carrying out activities such as processing prescriptions, operating mail-order pharmacies, and conducting negotiations with pharmacies and drug manufacturers.
While the need to curb healthcare costs and expenses will be a high-impact driver for the PBM market, the report also states that criticisms of the role of PBMs will likely impede the growth of the market.
The key vendors that have been profiled in the report on the pharmacy benefit managers market include: Catamaran, OptumRx, Express Scripts, CVS Health (CVS Caremark), and Prime Therapeutics. The other prominent vendors that have a firm footing in U.S. PBM market are: Medlmpact, Argus Health Systems, Centene, Aetna, and Humana.
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In addition to covering the current scenario that prevails in the U.S. PBM market for the forecast period from 2015 to 2019, the report also calculates the market size and presents revenue generated by leading pharmacy benefit managers mentioned above. The report offers a complete overview of the pharmacy benefit manager market by including inputs from industry experts and drawing data from industry-leading databases. The report covers the U.S. competitive landscape of the pharmacy benefit manager market in detail through a detailed discussion on the leading vendors within this market.
US Pharmacy Benefit Management (PBM) Industry Report: 2015 Edition: http://www.marketresearchreports.biz/analysis/490615
PBMs initially enacted the role of a third-party administrator, administering the drug claims of health plans/employers. However, they widened the horizon by expanding into a wide variety of business functions, eventually resulting in better management of drug benefits for members and reducing the overall drug spending costs for plan sponsors. Some of the key functions performed by PBMs that have an impact on reducing drug expenditures are formulary and benefit plan designing, retail network management and operating mail order pharmacies.
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