The pharmacy benefit management company acts as a mediator between hospitals, pharmaceutical companies, pharmacies, and patients with a sole objective to provide maximum patient care with cost efficacy.
The increasing cost of drugs and hospitalizations is anticipated to provide growth avenues to the global pharmacy benefit management market. These companies negotiate with pharmaceutical companies for discounts and rebates to retail pharmacies and also ensure management of distribution among network of pharmacies.
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New Collaborations Help Grow Global Pharmacy Benefit Management Market
With the new innovations and improved medical infrastructure, the cost of treatment is one of the challenges that patient face. Not just cost, there are several other challenges that are associated with it such as hospital admission, lack of co-ordination, and low medical adherence. However, to address these challenge countries like U.S are coming up with new ways with unparalleled aim of providing enhanced patient care and experience at reduced cost. Let’s see how –
• The pharmacy benefit management companies are collaborating with major stakeholder in the healthcare industry. These collaborations are between less integrated companies and highly integrated companies with common goals and data sharing with each other.
• Their common goals are to meet their individual and common challenges, and cater to their different patient pool that they serve. These collaborations have resulted in decreasing the cost, improvement in the patient care, improved co-ordination between patients and hospitals. Such improvements are pushing the global pharmacy benefit management market to expand in the coming years.
• The classic example of such collaboration is Community Health Network, Indianapolis and Walgreens Co, Illinois getting together with a common objective of providing care to the patient communities they serve.
All these factors are projected to provide growth avenues to the global pharmacy benefit management market.
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Latin America to Lead Pharmacy Benefit Management Market
On the regional front, Latin America is anticipated to dominate the global pharmacy benefit market. The growth opportunities are high due to many on-going health programs and insurance companies offering various services to improve patient care and reduce the cost.