Pharmacy benefit management (PBM) services are done by firms which act as middlemen between large pharmaceutical manufacturers and retail pharmacies. They are responsible for working with government programs and self-insured companies to reduce the cost of drugs and improve healthcare outcomes. The global pharmacy benefit management market report by Market Research Future (MRFR) looks into various dynamic variables such as drivers, challenges, and trends which can affect the industry for the period of 2019 to 2024 (forecast period). It even takes into view the impact of COVID-19 and its aftermath on the production cycle of branded and generic drugs.
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Pharmacy Benefit Management Market Scope
The global pharmacy benefit management market can display a staggering CAGR of 5.8% over the forecast period.
Rise in digitization of procurement of medicines, rise in healthcare expenditure, expansive growth of the healthcare sector in developing economies, and demand for advanced healthcare management systems are primarily driving the market growth. Awareness of health insurance and copay assistance programs as well as the surge in population can bolster the market demand as PBM firms try to keep costs down. According to the data by Agency for Healthcare Research and Quality (AHRQ), more than 626 healthcare organizations were covered in the U.S. and 92% patients discharged from hospitals.
The COVID-19 pandemic has left an indelible impact on the PBM industry with many companies developing policies to ensure sales of drugs. PBM companies with their own proprietary pharmacies can keep up with the demand for medicines via mail-order and other special methods. But the continuous strain put by the lockdown can increase production and delivery costs.
But lack of awareness in underdeveloped economies and issues pertaining to patient data can hamper the market growth.
Pharmacy Benefit Management Market Segmentation
The global pharmacy benefit management services market has been segmented on the basis of service and end-user.
On the basis of service, the market has been segmented into drug formulary management, retail pharmacy services, specialty pharmacy services, benefit plan design and consultation, and others.
By end-user, the market has been segmented into drug manufacturers, healthcare providers, employers, and others.
Pharmacy Benefit Management Market Regional Analysis
The market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas can dominate the market owing to large number of insurance providers, large patient pool, advanced technologies, and large healthcare spending. According to American Healthcare Association, the number of hospitals registered in the U.S. in 2016 rose to 5,534. According to the Centers for Medicare & Medicaid, healthcare expenditure in the U.S reached USD 3.5 trillion. Efforts by PBM managers to partner with federal, state, and local governments to ensure timely delivery of prescriptions to patients during the COVID-19 pandemic can drive the regional market growth.
Europe will be the second-largest in the global pharmacy benefit management market owing to favorable reimbursement policies, prevalence of chronic disorders, and high capita per healthcare expenditure. APAC, on the other hand, can capture a significant market share due to demand for healthcare management services, awareness of PBM services, and investments in healthcare. Efforts by governments to improve the healthcare sector in India and China can bode well for the region.
Pharmacy Benefit Management Market Competition Outlook
Sea Rainbow, OptumRx (UnitedHealth), McKesson Corporation, Abarca health LLC., Humana Pharmacy Solutions, Medimpact Healthcare, MeridianRx, Magellan Rx Management, CVS Health, Prime Therapeutics, Vidalink, Express Scripts, and others are key players of the global pharmacy benefit management market.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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