The global pharmacy benefit management market is expected to grow from $506.27 billion in 2021 for $537.78 billion in 2022 at a compound annual growth rate (CAGR) of 6.22%. The Pharmacy Benefit Management Market is Expected to Reach $685.91 billion in 2026 at a CAGR of 6.27%.
The pharmacy benefit management market includes sales of pharmacy benefit management services and solutions by entities (organizations, individual merchants, and partnerships) that refer to a set of businesses that function as intermediaries between pharmaceutical companies. insurance, pharmacies and drug distributors. PBMs ensure that insurers and insurance companies pay reduced prescription costs by negotiating with pharmacists and drug producers.
The main services of Pharmacy Benefit Management (PBM) are Mail Distribution, Specialty Pharmacy and Preferred Network Pharmacy. Mail-order delivery refers to mail-order delivery that directly delivers drugs to the desired location. These services are provided for different types of PBM.
The different types of PBMs are Commercial Health Plans, Self-Insured Employer Plans, Part D Health Insurance Plans, and the Federal Employee Health Benefits Program. These various PBMs are aimed at major end users including pharmacy benefit management organizations, mail order pharmacies, retail pharmacies, hospital pharmacies and outpatient pharmacies.
North America was the largest region in the Pharmacy Benefit Management Market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period. Regions covered in the Pharmacy Benefit Management market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the number of people with insurance is contributing significantly to the growth of the pharmacy benefits management market. The insurance provides a solution to cope with the increase in medical costs by taking charge of expenses related to care, hospitalization, health check-ups and hospitalization costs.
Similarly, Pharmacy Benefit Management (PBM) supports end-to-end healthcare products by combining medical and pharmaceutical products. This allows insurers to have detailed patient information that helps insurers deliver effective programs to patients.
For example, according to India Brand Equity Foundation (IBEF), new life insurer premiums grew by 22.2% in September 2021up 2.9% compared to September 2020. Hence, increasing number of people with insurance is driving the growth of the pharmacy benefit management market.
Strategic partnerships are a key trend in the pharmacy benefit management market. Strategic partnerships help organizations enter a new market and grow by leveraging each other’s resources. In February 2021Navitus Health Solutions, a US-based full-service pharmacy benefit management company, has partnered with WithMe Health, Inc, a US-based contemporary pharmacy benefit management (PBM) alternative that puts people, outcomes and cost first overall care. .
This partnership gives Navitus access to WithMe Health’s medication advisory capabilities, which will help employers and members get the most out of their medications by ensuring members are taking the right medications and helping them to remain adherent and to respond to treatment.
In January 2022Centene, a US-based managed care company that provides healthcare solutions to families and individuals, has acquired Magellan, a US pioneer in managing the most complex and fastest growing industries in the world. healthcare industry, including special populations, comprehensive pharmaceutical benefits and other specialty areas, in a $2.2 billion OK.
With this acquisition, Centene will be able to provide comprehensive and integrated health solutions to complicated and expensive populations, resulting in better health outcomes at reduced costs.
The countries covered in the Pharmacy Benefit Management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South KoreaUK and UNITED STATES.
Key Players of Pharmacy Benefit Management Market are
Main topics covered:
2. Features of the Pharmacy Benefit Management Market
3. Pharmacy Benefit Management Market Trends and Strategies
4. Impact of COVID-19 on the management of pharmaceutical benefits
5. Pharmacy Benefit Management Market Size and Growth
5.1. Global Historic Pharmacy Benefit Management Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Pharmacy Benefit Management Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Pharmacy Benefit Management Market Segmentation
6.1. Global Pharmacy Benefit Management Market, Segmentation by Service, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.2. Global Pharmacy Benefit Management Market, Segmentation by Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.3. Global Pharmacy Benefit Management Market, Segmentation by End User, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7. Regional and Country Analysis of Pharmacy Benefit Management Market
7.1. Global Pharmacy Benefit Management Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Pharmacy Benefit Management Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
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