Rising drug costs, higher consumer spending on healthcare and increasing prescription drug use drove up revenue for the Pharmacy Benefit Management industry over the five years to 2014. Rising drug costs caused health plan sponsors to increasingly turn to PBMs for cost management services. In turn, this trend drove industry operators to consolidate to better leverage larger retail pharmacies, customer networks and drug use data to negotiate better cost savings with drug manufacturers. Growth prospects for PBMs are strong. IBISWorld projects that industry revenue will expand steadily over the five years to 2019.
This industry includes firms that provide pharmacy benefit management services. Industry firms are third-party administrators of government and employer-sponsored prescription drug programs. They are primarily responsible for processing and paying prescription drug claims.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.