Pharmaceutical
drug prices continue soaring up and contribute significantly to total
healthcare expenditure worldwide. The cost of drugs has risen more
than any of the healthcare expenditure. As per the insurance
consultants at Milliman, drug costs were merely 16% of the overall
health costs in 2015, which rose by 102% over a decade and accounted
for around 14% in 2015. Rising drug prices and increasing consumer
spending on prescription drugs drives demand for pharmacy benefit
managers (PBMs). The pharmacy benefit management system is operated
by third party administrators (TPAs) who act as a liaison between
pharmacists, insurance providers (payers), and drug manufacturers.
There are established companies offering these services who aid in
reducing drug prices by negotiating with retail pharmacies and drug
manufacturers. Patients who have enrolled in various health plans and
those uninsured can get the benefits of pharmacy benefit management
system. Health plans collaborate with the pharmacy benefit managers
to offer medications at a lower price than those available at retail
pharmacies.
Get
a trending sample of this report:
https://www.coherentmarketinsights.com/insight/request-sample/62
Moreover,
PBMs also aid in planning and managing the formulary as per customer
needs, negotiating discounts and rebates with drug manufacturers,
contracting with pharmacies, and processing the prescription claims.
To manage the cost of prescription drugs and improve the customer
value, PBMs use various tools such as pharmacy networks, mail-service
pharmacies, drug formulary, e-prescribing, manufacturer’s discount,
disease management, drug utilization review, and pharmacy discount
cards (for the uninsured). To manage these tools and the PBMs
account, there are various prescription claim software/systems
marketed worldwide.
Pharmacy
Benefit Management Market Taxonomy
The
global pharmacy benefit management market can be analyzed on the
basis of the beneficiaries of these services i.e. the healthcare
providers, employers, and drug manufacturers. A major population in
the U.S. receives healthcare benefits from their employers.
Therefore, employers are also seeking to reduce their costs and opt
for pharmacy benefit management services. The providers of pharmacy
benefit management services also manage the prescription drug claims
i.e. act as a link between the payers and health insurers.
Browse
Global Strategic Business Report:
https://www.coherentmarketinsights.com/ongoing-insight/pharmacy-benefit-management-market-62
The
Pharmacy Benefit Management Market is Highly Concentrated in
Developed Markets
The
global market in pharmacy benefit management is analyzed across five
major regions - North America, Europe, Asia Pacific, Latin America,
Middle East, and Africa. Presence of PBM is concentrated in the
developed economies of North America and Europe. Increase in
subscribers of Medicare prescription drug program is projected to
fuel demand for PBMs in the U.S. Besides, the pharmacy benefit
managers also aid in deciding whether a generic or branded product
would benefit the patient. Patents for around 40 blockbuster brands
worth US$ 155 billion are expected to expire by 2020. Generics have a
good profit margin, which can benefit the pharmacy benefit
managers/management companies, thus favorably shaping the pharmacy
benefit management market outlook. Similar scenario is observed in
the Europe pharmacy benefit management industry.
Challenges
faced in the Pharmacy Benefit Management Market
With
the introduction of expensive treatments/drugs for chronic diseases
such as cancer, and hepatitis, demand for PBMs is projected to
increase significantly. However, even with the presence of major
players in this industry, the PBMs have been ineffective in curbing
the drug price hike. Further, with the advent of Affordable Care Act
and the constant endeavor of governments to reduce and cap the drug
prices, profitability of this industry is expected to be
significantly impacted in the near future.
Some
of the major players present in the global pharmacy benefit
management market include Express Scripts, CVS Caremark, Prime
Therapeutics, United Health / OptumRx, Catamaran Corporation, Humana
Pharmacy Solutions and MedImpact. Express Scripts acquired Medco
Health Solutions for US$ 29.1 billion in April 2012, making it a
leader with a significant share in the global pharmacy benefit
management industry. With increasing competition, industry
consolidation is expected to be a prevalent trend in the near future.
Key
players engaged in the elbow lesion market
The
PBMs have been ineffective in curbing the drug price hike. Further,
with the advent of Affordable Care Act and the constant endeavor of
governments to reduce and cap the drug prices, profitability of this
industry is expected to be significantly impacted in the near future.
About
Coherent Market Insights:
Coherent
Market Insights is a prominent market research and consulting firm
offering action-ready syndicated research reports, custom market
analysis, consulting services, and competitive analysis through
various recommendations related to emerging market trends,
technologies, and potential absolute dollar opportunity.
Contact
Us
Mr.
Shah
Coherent
Market Insights
1001 4th Ave,
1001 4th Ave,
#3200
Seattle,
WA 98154
Tel:
+1-206-701-6702
Visit
Blog : http://globalresearchtrends.blogspot.in/
No comments:
Post a Comment