Pharmacy Benefit Manager (PBM) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Global Pharmacy Benefit Manager (PBM) Market: Snapshot
The interest for pharmacy benefit management is on the ascent attributable to increment in the quantity of protection suppliers with in-house pharmacy benefit groups to oversee secured populace. Pharmacy benefit management services systems bring down the general expenses by joining health insurance clients together to shape greater systems that empower exchanges and limits. Larger part of medications in the market offer comparative instruments of activity bringing about an insignificant contrast between APIs, at last expanding the value affectability of these medications. Pharmacy benefit management services systems that incorporate all medications secured under their advantage plans, wherein producers are responsive to offer limits. Producers who include their medications under PBM model rundown essentially compensate drug store advantage the board administrations. These factors boosts the growth of global pharmacy benefit manager market.
Region Expected to Grow Maximum in the Global Pharmacy Benefit Manager Market
Based on the sales of medicines and growing number of pharmacies in country like India, China, Japan, and Malaysia, Asia Pacific is expected to grow maximum in the global pharmacy benefit manager market. This dominance is also the result of the favorable reimbursement policies and developing healthcare infrastructure in India. Secondly, growing technological developments in healthcare sector along with growing number of companies that are providing pharmacy benefit manager solutions in India and China is also responsible for the dominance of Asia Pacific is global pharmacy benefit manager market in coming years.
A pharmacy benefit manager is an entity that offers educational programs and services to help out patients. They do so by lobbying with doctors and pharmacists so that they prescribe drugs in a proper manner in order to improve their effectiveness. In short, they help you to navigate the complex healthcare system beyond the doctor and pharmacist relationship.
A pharmacy benefit manager acts as an intermediary between insurers and other members of the healthcare industry. Owing to their size, they can effectively negotiate on large-sized customer contracts with both pharmaceutical companies and pharmacies to manage the best possible rates. When it comes to choosing a pharmacy benefit manager, companies are requested to opt for one with maximum outreach since they are in a better position to negotiate reimbursement rates for medications and patient care services.
Services of the pharmacy benefit managers are mostly availed by corporate employers, labor unions, and other organizations. They are required to interface with drug manufacturers to process claims related to prescription. Their services are extremely crucial since they organize everything to ensure one gets the medication on time.
Some of their key responsibilities include:
Some of the largest pharmacy benefit managers are based in the U.S. They cover more than half the patients. Those include Express Scripts, Argus, CVS Caremark, and Envision.
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 program for self-insured employers, commercial health care providers, and state or federal employee health benefit plans. These PBMs undertake the responsibility of formulating and managing the processes of contracting with pharmacies while negotiating discounts with the original drug manufacturer. As per the findings of this business intelligence report, the global pharmacy benefit manager market will expand at a formidable CAGR during the forecast period of 2017 to 2025.
PBMs mostly work for government agencies and self-insured companies with their primary focus on sustaining an overall viable expense on pharmaceuticals. Developed by an experienced healthcare research professional, this business report represents the commerce of the market for pharmacy benefit managers, providing qualitative and quantitative data in terms of US dollar million. Developed by following proven market research methodologies, the report segments the market into smaller aspects, gauges the potential of demand showcased by different regions and countries, and profiles a number of leading players in a featured chapter on the competitive landscape. This PBM market report has been prepared to act as a credible business tool for targeted audiences such as pharmaceutical and drug manufacturers, government agencies, and venture capitalists.
Global Pharmacy Benefit Manager Market: Drivers and Restraints
Radical improvements in the healthcare infrastructure across emerging economies such as China, India, Malaysia, and Indonesia has had a strikingly positive reflection on the overall pharmaceutical market. Professionals in urban parts of these countries now are demanding adequate insurance plans from their employers, who in turn are resorting to PBMs to manage their overall cost of employee benefits. PBMs handle the responsibility of negotiating with drug manufacturers by the means to achieve greater cost benefits, handle contracts with retail pharmacies, and act a pivotal role in justifying and approving reimbursement claims. Growing prevalence of chronic diseases, increasing percentage of geriatrics in the world’s population, and expanding awareness among the end users are some of the other factors augmenting the demand in the market for PBMs.
Global Pharmacy Benefit Manager Market: Market Potential
Mushrooming of small and medium enterprises and increased emphasis of several governments to provide bare minimum medical facilities is expected to continue opening strong opportunities in this market in the near future. With increased disposable income, urban populations are opting for insurance policies like never before, and the PBM market is poised to flourish. Additionally, the pharmacy benefit managers who work with online pharmacies are also expected to gain traction going forward.
Based on products, this market can be segmented into drug formulary management, benefit plan design and consultation, specialty pharmacy services, retail pharmacy services, and other services.
Global Pharmacy Benefit Manager Market: Competitive Landscape
Players of the PBM market are approaching SMEs and government departments to utilize their teams of experts, and this is expected to remain a key strategy to gain greater shares over competitors. Expansion of product portfolio in accordance to diverse demands of the clients and mergers and acquisitions are some of the other modes of achieving a position of dominance by the market players. Some of the notable names are CVS Health, Express Scripts, Catamaran, Prime Therapeutics, and OptumRX.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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