New York, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The United States accounts for 66.5% share of the global pharmacy benefit manager market. Furthermore, the retail pharmacy services segment holds 27.6% share of the global market.
The healthcare sector has always been on the rise, but in recent years, as the income of the urban population in developing nations has increased, the demand for effective healthcare infrastructure management has grown dramatically.
Diagnostic device and pharmaceutical makers, as well as government agencies, are increasingly relying on the concept of pharmacy benefit managers (PBMs), which are primarily third-party administrators of prescribed drug distribution programs for commercial health care providers, self-insured employers, and federal or state employee health benefit plans.
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“Massive Increase in Drug Prices to Boost Target Market Growth”
The increasing frequency of chronic disorders around the world is driving up the demand for treatment options. Consequently, several large pharmaceutical corporations are focusing their efforts on producing high-priced branded medicines to treat chronic disorders. This has resulted in a massive surge in pharmaceutical spending in recent years.
- As per a study released in Pharmaceutical Technology, medicine prices in the United States climbed by 4.0% in 2021, shattering a pattern of moderate increases in prior years.
- As per SingleCare Administrators, individual prescription medicine prices also rose by 5% in 2021.
This, combined with an increase in prescription registrations in recent times for a wide variety of chronic conditions such as chronic lung disease, cardiovascular disease, and others, is driving up healthcare costs.
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- For example, as per a study conducted by SingleCare Administrators in 2022, approximately 4 billion prescriptions are issued each year in the United States, with a large increase in the number of prescription filings projected within a few years.
Thus, a massive increase in drug prices, coupled with a rise in the number of prescriptions filed worldwide, is increasing the healthcare burden. This has led to the growing demand for and acceptance of pharmacy benefit managers to lower drug prices and control pharmaceutical spending globally.
Such aspects are expected to boost the growth of the global pharmacy benefit manager market during the forecast period.
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Competitive Landscape
Leading players in the pharmacy benefit manager market are aggressively adopting marketing methods such as investments, collaborations, new product introductions, technological developments, R&D activities, and acquisitions to strengthen and extend their overseas footprint.
For instance:
- In January 2022, Centene Corporation acquired Magellah Health, Inc. to provide comprehensive healthcare solutions with better outcomes at reduced prices.
- In May 2021, Anthem, Inc. unveiled IngenioRx, a new pharmacy benefit manager that personalizes member experiences through clinical expertise and a digital-first approach. This launch aided the organization in increasing customer reach and income.
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Pharmacy Benefit Manager Industry Research Segmentation
By Service:
- Retail Pharmacy Services
- Specialty Pharmacy Services
- Benefit Plan Design and Consultation
- Drug Formulary Management
- Other Services
By Demand Determinant:
- Government Health Programs
- Employer-Sponsored Programs
- Health Insurance Companies
- Other Programs
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the Pharmacy Benefit Manager Market, presenting historical data (2016-2021) and estimation statistics for the forecast period of 2022-2032.
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