This market research report presents a comprehensive analysis of the pharmacy benefit manager market in the US by Medicare members and Medicaid members. The report provides a market share analysis of the leading companies in the market such as Catamaran, CVS Health, Express Scripts, OptumRX, and Prime Therapeutics.
Technavio has released updated information on the pharmacy market, with the publication of its new market research report, PBM market in the US. The PBM market in the US is expected to grow at a CAGR of 7% between 2015 and 2019, owing to increase in healthcare expenditure. Rise in retail pharmacies, mail-service pharmacies, and increase in prescription drug claims are also driving the growth of PBM services in the US.
“The market is observing growing popularity of specialty drugs, which prove effective in the treatment complex chronic diseases like cancer, rheumatoid arthritis, multiple sclerosis, Hepatitis C, and others. These drugs need to properly prescribed and administered either by a physician or by a PBM. As these drugs are expensive, they provide a high potential growth opportunity for pharmacy retailers,” says Faizan Akhtar, Industry Manager, New Coverage, Technavio Research.
PBMs are primarily responsible for the development of formularies, discounts with drug manufacturers, and pharmacy contracts, and play a significant role in the processing the payment of prescription drug claims. Their principal function is to maintain the exceeding pharmaceutical expenditures and provide improved and effective health benefits to end-users. The healthcare expenses are especially high for senior citizens as they tend to buy pharmacy benefit plans as a precautionary measure. This, in turn, has boosted the growth of the PBM market.
The key vendors in the PBM market in the US include Catamaran, CVS Health, Express Scripts, OptumRX, and Prime Therapeutics. The competitive environment in the PBM market to intensify during the forecast period with an increase in product/service extensions and acquisitions. The market would witness the inorganic growth of vendors as a result of mergers.
A more detailed analysis is available in the Technavio report, PBM market in the US 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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