Should You Invest in the Pharmacy Benefit Management Services?

Pharmacy Benefit Managers develop and maintain a list of preferred medications, known as the formulary.

The formulary includes both generic and brand-name drugs that have been evaluated for safety, efficacy, and cost-effectiveness.

By encouraging the use of preferred medications, PBMs can control drug costs for payers and patients.

PBMs negotiate contracts with retail pharmacies and mail-order pharmacies to create a network of pharmacies where members can obtain their medications at discounted rates.

PBMs handle prescription claims processing, including adjudication, verification of patient eligibility, and determination of copayments or coinsurance.

Medication Therapy Management programs aim to optimize medication therapy for patients with chronic conditions.

PBMs provide medication reviews, consultations, and interventions to improve patient adherence, prevent drug interactions, and enhance health outcomes.

PBMs manage specialty medications, which are high-cost, complex drugs used to treat specific conditions, such as cancer, autoimmune diseases, or rare disorders.

PBMs negotiate pricing and provide clinical support for patients using specialty drugs.

PBMs offer mail-order pharmacy services, allowing patients to receive a 90-day supply of their maintenance medications conveniently by mail, often at a lower cost than purchasing from a retail pharmacy.

PBMs implement utilization management strategies, including prior authorization requirements, step therapy, and quantity limits, to ensure appropriate and cost-effective medication use.

PBMs negotiate drug prices with pharmaceutical manufacturers on behalf of their clients, seeking to obtain the best possible pricing for medications.

As specialty drugs continue to gain importance in treating complex and rare diseases, PBMs have been placing more emphasis on managing the costs and distribution of these high-cost medications.

Pharmacy benefit managers are exploring value-based contracts with pharmaceutical manufacturers, where medication prices are tied to patient outcomes and real-world performance.

PBMs are developing and expanding medication adherence programs to improve patient compliance and overall health outcomes, leading to better control of chronic conditions and reduced healthcare costs.

With the increasing digitization of healthcare information, PBMs are investing in robust data security measures to protect patient information and comply with data privacy regulations.

PBMs are exploring ways to support personalized medicine initiatives, ensuring patients receive medications tailored to their genetic makeup and specific health needs.

Emphasis on transparent pricing and clearer communication about drug prices and rebates to address concerns over rising prescription drug costs.

Pharmacy benefit managers are increasingly leveraging advanced data analytics and predictive modeling to identify patterns, trends, and opportunities for optimizing drug utilization and controlling costs.

These technologies help in making data-driven decisions and developing personalized medication management strategies for patients.

Advanced systems enable real-time claims processing, reducing the time taken to

• Verify eligibility
• Calculate copayments
• Process prescription claims

This allows for faster medication access for patients and smoother transactions for healthcare providers.

Many pharmacy benefit managers have developed mobile apps and digital platforms that allow patients to

• Access their drug benefits
• Check formularies
• Compare medication prices
• Receive medication reminders

These apps enhance patient engagement and medication adherence.

Integration with telehealth platforms enables pharmacy benefit managers to provide

• Remote medication reviews
• Medication therapy management (MTM)
• Counseling services

Telehealth capabilities enhance patient access to pharmaceutical care and consultation, particularly for those in remote or underserved areas.

Blockchain technology is being explored to enhance drug supply chain management and improve transparency in pharmaceutical transactions.

This can help prevent counterfeit drugs, track medication shipments, and ensure medication authenticity.

AI-powered systems are being utilized to conduct comprehensive drug interaction checks, providing real-time alerts to healthcare providers and pharmacists about potential adverse drug interactions or contraindications.

Many pharmacy benefit managers are adopting cloud-based solutions for secure data storage and seamless information sharing between different stakeholders, such as pharmacies, healthcare providers, and payers.

• Automated refills
• Automated prescription renewals
• Controlled Access on Visibility
• Add ‘n’ number of partners
• Order sets of specific medicines (for specific diseases)
• Set discount rates for each partner pharmacy
• Medication reminders for better adherence
• Team, contract, and inventory management
• Compliance with healthcare regulations
• Data analysis and reporting (quarterly/monthly/yearly)