Growing healthcare awareness and adoption of pharmacy benefit plans are anticipated to increase the demand for pharmacy benefit managers (PBMs) in United States. PBMs work on contract basis and charge for performing activities such as negotiation with drug manufacturers, operating mail-order pharmacies, and processing prescriptions.
New PBMs to Ease Drug Selection
Major application-variants of pharmacy benefit manager are surgery clinics, hospitals, department stores, drug stores, nursing homes, and medical clinics. In the coming years, hospitals are likely to contribute to maximum revenue share owing to increasing regulatory pressure to reduce prices of drugs. Rising cases of chronic diseases such as cancer and rheumatoid arthritis are increasing the demand for effective drugs. PBMs have immense knowledge about various drugs and can handle tough situations like patent cliff and price inflation. This, in turn, is likely to increase the demand for PBMs to grab effective deals of drugs. Considering the demand, most companies are keen on investing in PBMs.
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For instance, Amazon has recently announced that it has obtained pharmacy licenses for more than a dozen states. The company is likely to launch its own pharmacy benefit manager business in near future. Secret deals from existing PBMs with drug manufacturers are making it tough for doctors and consumers to select cost-effective drugs. The retailer is soon going to build two separate software systems to provide detailed information regarding drugs such as effectiveness, safety, side effects, and price. Such essential details about drugs are likely to help doctors and consumers while selecting drugs.
Market Insights
The U.S. pharmacy benefit manager market is likely to showcase high growth by 2022, says a report added on Radiant Insights, Inc. It is anticipated to exhibit substantial CAGR during the forecast period (2017 to 2022) with increasing medical enrollments and soaring retail prescriptions. Stable economic conditions and proliferation in life expectancy rate are likely to impel the growth of the U.S. PBM market. In addition, rising disposable income can also augment the uptake of pharmacy benefit manager in United States.
Few of the key players in the market for pharmacy benefit manager are Prime Therapeutics, CVS Health, MedImpact, Humana Pharmacy Solutions, and Optum.
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