Increasing Medical Care Cost Surges Global Pharmacy Benefit Management

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.

Global Pharmacy Benefit Management Services Market to Expand on Account of the Need to Ensure Patient Safety

The demand within the global market for pharmacy benefit management services has been rising on account of the need to regulate the pricing of pharmaceutical products. Pharmacy benefit management is the process of educating and informing doctors and medical professionals about best practices for prescription of medications. Furthermore, the management of prescription benefits also comes under the domain of pharmacy benefit management which has also given an impetus to the growth of the global market. Drug manufacturers are also regulated under the radar of pharmacy benefit management; it is used to negotiate the pricing of products and decide on the terms of rebate. Considering the aforementioned factors, it is safe to prognosticate that the global pharmacy benefit management services market would accumulate commendable revenues in the years to come.

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Patient Safety and Employee Welfare

The need to ensure enhanced care and safety for the patients has played a major role in the popularity of pharmacy benefit management services. Moreover, medical benefit programs enunciated by employers are also managed with the help of pharmacy benefit management systems. Hence, the global pharmacy benefit management services market is expected to expand at a robust rate in the years to come.

Government Programs

Several governments programs with regards to pharmacy management have come to the fore in recent times. This factor has played a crucial role in the growth of the global market for pharmacy benefit management services in recent times.

Some of the key players in the global pharmacy benefit management services market are CVS Health, Express Script, Cigna, and Catamaran.

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Efforts to Boost Drug Efficacy Aid Pharmacy Benefit Management Services

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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