What is a Pharmacy Benefit Manager (PBM)?
Pharmacy Benefit Managers (PBMs) administer prescription drug programs and serve as an intermediary between employers and wholesalers. PBMs help develop formularies, negotiate discounts and rebates, process prescription claims, provide support for clinical services and customers, contract and manage pharmacy networks, and deliver management reports.
PBMs have two main goals:
1. Reduce costs within prescription benefits plans
2. Increase access to appropriate medications to deliver better health outcomes