Published On : 12 Sep 2018
The global market for pharmacy benefit management has gained significant traction in the past few years, owing chiefly to the rising costs of branded drugs and the consecutive rise in demand for low-cost but effective alternatives. The vast rise in the costs of branded pharmaceutical and biopharmaceutical products in the past few years has compelled public bodies and governments across the globe to focus on the development of low-cost generic and biosimilar variants of essential drugs that are targeted as large patient pools. The overall demand for these generic and biosimilar medicines has been consistently rising in the past few years owing to the fact that these drugs provide the same effect as branded medicines at much lower costs.
Increased Global Consumption of Generics Compel Pharmacy Companies to Avail Pharmacy Benefit Management Services
Increased awareness among consumers regarding the available generics and biosimilars in the market has also played a key role in the increased uptake of these alternatives to branded drugs in the recent years. As generics and biosimilars take the healthcare sector by storm, leading manufacturers of branded pharmaceutical products are compelled to find ways of getting their products to a larger set of patient pool globally. Acting as a liaison between drug manufacturers, pharmacists, and healthcare insurance providers, pharmacy benefit managers and management systems are coming to the rescue of the increasingly competitive pharmaceuticals sector.
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Pharmacy benefit managers help bring down drug costs by negotiating with drug manufacturers and retail pharmacies, allowing drug manufacturers to retain consumers while also allowing patients who uninsured or are enrolled in health plans in availing benefits of reduced costs. Healthcare insurance providers and health plans collaborate with pharmacy benefit managers so as to provide their clients with low-cost medicines as compared to the costs in retain pharmacies. Thus, the rising number of people across the globe enrolling in healthcare pharmacy benefits plans is also driving the global pharmacy benefit management market.
North America Continues to be Leading Regional Market
From a geographical standpoint, the global pharmacy benefit management market acquires a large share of its revenue from the market in North America. The region has well-established and thriving pharmaceutical and biopharmaceutical industries and is home to some of the most prominent drug manufacturers of the world. The high number of people availing healthcare pharmacy benefits plans in the U.S. and Canada and the presence of a large number of pharmacy benefit management providers in the region also bode well for the pharmacy benefit management market in the region.
The presence of several established vendors has made the vendor landscape of the global pharmacy benefit management market highly competitive. Lacking in experience, new companies are finding it difficult to establish a strong footing in this extremely competitive market space. Some of the leading companies in the market are OptumRx (UnitedHealth), CVS Health (CVS), Prime Therapeutics, Magellan Health, Vidalink, Express Scripts, Medimpact Healthcare, Humana Pharmacy Solutions, Sea Rainbow, and Cachet.
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