Pharmacy Benefit Manager (PBM) Market in the US : Expected to Reach USD 4 Trillion by 2019
Pharmacy Benefit Manager (PBM) Market in the US 2015-2019 Size and Share Published in 2015-12-09 Available for US$ 2500 at Researchmoz.us
A pharmacy benefit manager (PBM) is a third party administrator of prescription drug programs in the US. They can be privately funded or an integral part of a healthcare company and government health programs. PBMs are primarily responsible for the development of formularies, discounts with drug manufacturers, and pharmacy contracts, and play a significant role in the processing the payment of prescription drug claims. Their principal function is to maintain the exceeding pharmaceutical expenditures and provide improved and effective health benefits to end-users.
Market outlook of the PBM market
Technavio’s market research analyst predicts the PBM market in the US to grow at a rate of 7% during the forecast period. The increase in healthcare expenditure has propelled the demand for PBM services in the US. The US national healthcare expenditure is expected to reach USD 4 trillion by 2019. Also, about 14.4% of the US population is above 65 years of age. The healthcare expenses are especially high for senior citizens as they tend to buy pharmacy benefit plans as a precautionary measure. This, in turn, has boosted the growth of the PBM market.
Competitive landscape and key vendors
The research report predicts the competitive environment in the PBM market to intensify during the forecast period with an increase in product/service extensions and acquisitions. The market would witness the inorganic growth of vendors as a result of mergers.
The top five vendors in the market are –
Other prominent vendors in the market include Aetna, Argus Health, Centene, Cigna, Humana, MedImpact, and Rite Aid.