San Francisco, California, August 31, 2017: TMR Research’s new report on the global pharmacy benefit management services market is a veritable tool to understand the growth behavior of the said market between 2017 and 2025. The report, titled “Pharmacy Benefit Management Services Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” looks into market indicators and competitive strategies to present a conclusive analysis of the growth of this market in the upcoming years.
Pharmacy benefit management services has significance in the healthcare industry for administration of pharmacy products and for facilitating real time interaction between entities. However, the processes of pharmacy benefit management services are governed by laws and regulations.
Some of the key functions of pharmacy benefit management services include processing and payment of prescription drugs, negotiating discounts, development and maintenance of formulary, undertaking contracts with pharmacies, and obtaining rebates from drug manufacturers. These services are provided using a range of tools that help to address specific problems, and are mostly customized to address a client’s problems.
Pharmacy benefit management services employ tools such as pharmacy networks, formularies, mail service pharmacies, prescribing, clinical management, electronic prescribing, manufacturer discounts, and pharmacy discount cards.
The primary factors fuelling growth of the pharmacy benefit management services market are execution and escalation of drug benefit programs and Medicare’s emerging models of care integrate pharmacy. On the contrary, high upfront cost and lack of awareness about the services is acting as a deterrent to the growth of pharmacy benefit management services market.
The key application segments into which the global pharmacy benefit management services market can be divided are member’s administration, E-prescribing, formulary management, and E-dispensing along with processing of claims. The role of formulary management involves listing of approved prescription medications that adhere to specific protocols, and are placed on the basis of served programs. E-dispensing and E-prescribing account as important elements of pharmacy benefit management services, as majority of drug abuse and misplacement cases occur due to error in prescriptions and dispensing.
North America is the leading regional market for pharmacy benefit management services due to the extensive use of information technology for modern healthcare, modern infrastructure for healthcare, and government support. Furthermore, high awareness among individuals for health and well-being and high spending capacity are indirectly acting as drivers for pharmacy benefit management services market in North America and Europe.
Asia Pacific is expected to emerge as a significant market for pharmacy benefit management services due to modernization of healthcare facilities to serve the exploding population in the region.
Some of the leading players in the global pharmacy benefit management services market are Express Script, CVS Health, Catamaran , and Cigna among others.
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