Pune, India, July 20, 2021 (GLOBE NEWSWIRE) – The global âpharmaceutical benefit management market“Size is expected to increase at a noticeable rate in the coming years due to increasing efforts by creative companies to reduce prescription drug prices,” Fortune Business Insights â¢ notes in its report titled ‘Pharmacy Benefit Management (PBM) Market Size, Share & Industry Analysis, By Department (Specialty Pharmacy Services, Benefit Plan Design & Administration, Pharmacy Claims Processing, Forms Management, Others), By Service Providers (Insurance Companies , retail pharmacies, stand-alone PBMs) and regional forecasts 2020-2027 â. With prescription drugs becoming unaffordable without insurance coverage, some companies have developed new mechanisms to reduce drug costs and improve drug price transparency.
For example, GoodRx partners with PBMs and offers discounts through its coupons to people without insurance and those with high franchise plans. Users can compare the price they would pay for a drug with a GoodRx coupon and the price offered by their insurance plan. Another emerging company in this space is Blink Health, which makes it easy to buy low-cost generic drugs online and offers free pickup at local stores or free door-to-door delivery. Several other entities are slowly expanding their presence in this area by working with pharmaceutical benefit management companies and improving the accessibility and affordability of expensive drugs.
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Highlights of the Global Pharmacy Benefit Management Market:
The Pharmacy Benefit Management market report offers an in-depth analysis of the Pharmacy Benefit Management industry and demand drivers by highlighting information on several aspects of the market. Prudent Markets addresses all of these aspects and provides the latest detailed and revealing study on all major and emerging business segments. In addition to this, the report throws light on industry developments by key players, which are contributing to the expansion of this industry. Development scope, feasibility study, Pharmacy Benefit Management market concentration and maturity analysis are elaborated in this report.
The information provided in the research report relates to various technological advancements introduced in recent years, which enables meticulous analysis of the industry and provides readers with a more complete understanding.
To get the short and long term impact of COVID-19 on this market.
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Booming Sales of Major PBMs Amid COVID-19 to Support Market Growth
The COVID-19 pandemic has created an unprecedented health crisis, putting enormous strain on health systems around the world. The growth of the pharmacy benefit management market is accelerating amid this crisis as the demand for low cost drugs and comprehensive insurance plans has intensified around the world. Some of the major PBMs and health insurance companies in this market have reported staggering sales, with people stocking up on drugs to deal with blockages and movement restrictions.
For example, CVS Health Corp’s profits in the first quarter of 2020 soared 41% as its same-store sales skyrocketed during the early stages of the coronavirus pandemic. Likewise, Cigna’s pharmacy benefits business unit Express Scripts reported a 20% increase in revenue in the third quarter of 2020, reaching $ 29.83 billion. The coronavirus has therefore generated wide opportunities for players in this market, with PBMs playing an important role in ensuring access to essential drugs for patients.
Rapid adoption of advanced healthcare technologies to drive the North American market
Among regions, North America is expected to dominate the pharmacy benefit management market share for the foreseeable future due to the enthusiastic adoption of innovative healthcare technologies and platforms by physicians and patients across the region. region. In addition, the demand for prescription drugs is high in the United States due to the increasing prevalence of chronic diseases, such as diabetes and cancer. In Europe, the main market drivers are high healthcare spending per capita, a robust healthcare IT infrastructure and a comprehensive insurance ecosystem. On the other hand, in Asia-Pacific, the increasing adoption of advanced health technologies is expected to propel the regional market.
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Introduction of innovative products to electrify market competition
To gain a decisive advantage in the competitive environment of this market, the major players regularly introduce exciting new products. Thanks to these innovations, companies are able to diversify their portfolios and add new clients to their existing customers. In addition, the new products also allow market leaders to deepen their footprint and broaden their global horizons.
January 2020: RxSense announced the launch of RxIQ, its analytics solution designed to enhance its enterprise pharmacy benefit management platform, RxAgile. RxAgile provides PBMs and health plan managers with a cloud-based platform that can be customized according to clients’ needs.
List of Key Players Covered In The Pharmacy Benefit Management Market Report:
- Centene Company
- OptumRx, Inc.
- CVS Health
- Anthem, Inc.
- Express scripts
Global Segmentation of Pharmacy Benefit Management (PBM) Market:
- Specialty pharmacy services
- Design and administration of employee benefit plans
- Pharmacy complaints handling
- Form management
By service providers
- Insurance companies
- Retail pharmacies
- Autonomous PBMs
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