Learn about the roles of a pharmacy benefit manager
Pharmacy Benefit Manager: (PBM) is a third party administrator of prescription drug programs that organize the market for prescription drugs. PBMs secure deep discounts from drug manufacturers and retail pharmacies for large employers or health plans. They try to influence physicians' prescribing habits and encourage the use of lower-cost drugs, including generic substitutes for brand-name medications. PBMs strongly recommend certain drugs over others in each therapeutic category. The PBM industry has experienced considerable growth because it has furnished clients with administrative efficiencies and drug program savings via retail pharmacy contracts that provide substantial discounts on prescription drugs and value-added services. Other PBM services include tablet splitting, sampling, and mail order service. ---www.researchandmarkets.com