Pune, India, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global Pharmacy Benefit Management Market size is set to expand at a notable pace in the forthcoming years owing to the increasing efforts by creative enterprises to lower prescription drug prices, finds Fortune Business Insights™ in its report, titled “Pharmacy Benefit Management Market Size, Share & Industry Analysis, By Service (Specialty Pharmacy Services, Benefit Plan Design & Administration, Pharmacy Claims Processing, Formulary Management, Others), By Service Providers (Insurance Companies, Retail Pharmacies, Standalone PBMs) and Regional Forecast 2020-2027”.
With prescription drugs becoming unaffordable without insurance cover, certain companies have been coming up with novel mechanisms to reduce medication costs and enhance price transparency of drugs. For example, GoodRx partners with PBMs and offers discounts through its coupons to people with no insurance and those with high deductible plans. Users can compare the price they would pay for a medication with a GoodRx coupon and the price offered by their insurance plan.
Another emerging company in this space is Blink Health, which facilitates the purchase of low-cost generic drugs online and provides free pickup from local stores or free home delivery. Several other entities are slowly expanding their presence in this domain by collaborating with pharmacy benefit management companies and improving accessibility and affordability of costly medications.
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Booming Sales of Leading PBMs amid COVID-19 to Bolster Market Growth
The COVID-19 pandemic has created an unprecedented health crisis, exerting tremendous strain of healthcare systems around the world. The pharmacy benefit management market growth is getting accelerated amid this crisis as the demand for low-cost medications and comprehensive insurance plans has heightened worldwide. Some of the leading PBMs and health coverage companies in this market have been reporting staggering sales, with people stocking up medications to deal lockdowns and movement restrictions.
For example, CVS Health Corp’s profits in the first quarter of 2020 spiked 41% as its same-store sales skyrocketed during the early stages of the coronavirus pandemic. Similarly, Cigna’s pharmacy benefit management unit, Express Scripts, reported a 20% rise in revenues in the third quarter of 2020, reaching USD 29.83 billion. The coronavirus has, therefore, generated wide opportunities for players in this market, with PBMs playing an important role in ensuring access to critical medication for patients.
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Quick Adoption of Advanced Healthcare Technologies to Boost the North America Market
Among regions, North America is expected to dominate the pharmacy benefit management market share in the foreseeable future due to the eager adoption of innovative healthcare technologies and platforms by doctors and patients alike in the region. In addition, the demand for prescription drugs is high in the US owing to the increasing prevalence of chronic diseases, such as diabetes and cancer. In Europe, the main market drivers are strong per capita health expenditure, robust healthcare IT infrastructure, and a comprehensive insurance ecosystem. On the other hand, in Asia Pacific, rising uptake of advanced health technologies is expected to propel the regional market.
Introduction of Innovative Products to Electrify Market Competition
To gain a decisive edge in the competitive milieu of this market, key players are regularly introducing new and exciting products. Through these innovations, companies are able to diversify their portfolios and adding new customers to their existing clientele. Moreover, the new products are also allowing market leaders to deepen their footprint and expand their global horizons.
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Industry Development:
- January 2020: RxSense announced the release of RxIQ, its analytics solution designed to enhance its enterprise pharmacy benefit management platform, RxAgile. RxAgile provides PBMs and health plan managers with a cloud-based platform that can be customized as per client needs.
List of Key Players Covered in the Pharmacy Benefit Management Market Report:
- MedImpact
- Centene Corporation
- OptumRx, Inc.
- CVS Health
- CIGNA
- Anthem, Inc.
- Express Scripts
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Global Pharmacy Benefit Management Market Segmentation:
By Service
• Specialty Pharmacy Services
• Benefit Plan Design & Administration
• Pharmacy Claims Processing
• Formulary Management
• Others
By Service Providers
• Insurance Companies
• Retail Pharmacies
• Standalone PBMs
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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