Sep 04, 2019 (Data Bridge Market Research via COMTEX) -- Global Pharmacy Benefit Management Services Market is expected to witness a substantial growth rate, registering CAGR of 6.35% in the forecast period of 2019-2026. The report contains data for the base year of 2018, and the historic year of 2017. This rise in the market can be attributed to the rise in the drug prices and increasing healthcare expenditure.
Pharmacy Benefit Managers Industry reduce prescription drug costs and improve convenience and safety for consumers, employers, unions, and government programs. PCMA’s mission is to lead the effort in promoting PBMs and the proven tools they utilize, which are recognized by consumers, employers, policymakers, and others as key drivers in lowering prescription drug costs and increasing access. PCMA monitors and advocates on a range of important health care issues that allow PBMs to continue:
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Pharmacy benefit management services provide several medical facilities to patients. They are run by third party administrators (TPAs) who acct as link between pharmacists, insurance companies, claimers of insurance and drug manufacturers. They help in reducing the price of drugs, manage prescriptions, plan the best health plans for patients by offering discounts and rebates. They offer medicines at affordable prices as compared to those sold by retail pharmacists.
Global Pharmacy Benefit Management Market Segment by Companies:
Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc., Kaiser Foundation Health Plan, Inc., Magellan Health, Inc., McKesson Corporation, MedImpact Direct, LLC., Micro Merchant Systems, Inc., Prime Therapeutics LLC, Rite Aid Corp., TrialCard Incorporated, Walgreens Boots Alliance, Inc
Increasing occurrence of generic and chronic diseases and the desire to effectively and efficiently medicate such illness drives the demand for pharmacy benefit manager services
Increased demand for insurance services, and increase in the number of people availing insurance stimulates the demand for pharmacy benefit manager services
Advancements in healthcare and the rising demand for such health care services boosts the growth of this market
Competitive Analysis: Global Pharmacy Benefit Management Services Market
Global pharmacy benefit management services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacy benefit management services for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Lack of awareness amongst consumers about the benefits of the service
Misuse of patient’s data restrains the growth of the market
Segmentation: Global Pharmacy Benefit Management Services Market
Global Pharmacy Benefit Management Services Market By Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program, State Government Employee Plans), Application (Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), Service (Retail Pharmacy Services, Specialty Pharmacy Services, Benefit Plan Design & Consultation, Network-Pharmacy Claims Processing, Home Delivery Pharmacy Care, Drug Utilization Review, Drug Formulary Management, Medical & Drug Data Analysis Services, Others), End-User (Healthcare Providers, Employers, Drug Manufacturers, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends & Forecast to 2026
Key Developments in the Market:
In December 2018, Cigna Corporation announced that they had acquired pharmacy benefit manager, Express Scripts for an approximate USD 67 billion. With this, they would provide wider choice and affordable services to their customers revolutionizing their health care system and benefitting their customers, clients, partners and the entire society on a large.
In November 2018, CVS Health announced that they had completed the acquisition of Aetna, Inc. after they had received the approval of their USD 69 billion merger from the regulatory authorities. This acquisition is expected to revolutionize the entire healthcare industry as the strong resources of CVS would be merged with Aetna’s large network, thereby resulting in better relationships with customers, and provision of best health care services.
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