Pharmacy Benefit Management Market Thrives on the Back of Growing Need to Raise Affordability of Specialty Drugs

London, May 30, 2023 (GLOBE NEWSWIRE) — The escalating demand for services with regards to pharmacy benefit management from drug manufacturing brands, retail pharmacy chains, and insurance companies underpins the growth of pharmacy benefit management market. Growing preference for specialty medications, and mail order deliveries will have a collective impact on the performance of the market. With more pharma players prioritizing streamlining of supply chain networks, the demand for pharmacy benefit managers will be on an uptrend.

Furthermore, healthcare spendings have been constantly on the rise worldwide, which bodes well with the need for price management of expensive prescription drugs, as well as OTC medications. This is expected to be the strongest driving force for the pharmacy benefit management market. Preliminary analysis of the global pharmacy benefit management market by Fairfield Market Research reveals that in 2021, the market valuation was around US$460 Bn and promising growth is expected over the next seven years.

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Insights into Segmentation Analysis

While the alarming rates of chronic disease prevalence lead to critically growing need for having more effective therapeutics, they have also offered an impetus to the growing preference for specialty drugs and formulations. However, the price points of specialty drugs are expensive, accounting for their unaffordability to a majority of patient population. This according to research will elevate the scope of penetration for pharmacy benefit management service providers. The resultant estimated increase in adoption in specialty pharmacy services is thus expected to remain the highest in near term. Research predicts continued dominance of the specialty pharmacy services segment in the pharmacy benefit management market through the years to come.

Insights into Regional Analysis

The US as of 2021 had nearly 66 pharmacy benefit management companies and consistently mounting expenditure on pharmaceuticals indicates strong growth in the years to come. The per capita GDP is on the rise and the prescription filling is increasing at a notable pace. This will serve as a continuous stream of revenue generation opportunities for pharmacy benefit management service providers. North America is thus at the forefront of revenue generation in the global pharmacy benefit management market. The region currently represents the lion’s share of the overall market revenue majorly on the back of a large patient pool enjoying the benefit of an excellent medical coverage. Moreover, favorable take of the governments in the region, on the overall pharmacy benefit management concept complements the whole scenario. A supportive regulatory structure, and growth in the number of pharmacy benefit managers are also likely to create a strong breeding ground for the market in North America.

Leading Companies in Global Pharmacy Benefit Management Industry

Some of the leading players that would be considered for detailed strategic profiling and competitive analysis in the report, include Medimpact, CVS Health, Centene Corporation, OptumRx Inc., Cigna, and Anthem Inc.

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Global Pharmacy Benefit Management Market is Segmented as Below:

Business Model Coverage        

• Employer-Sponsored Program
• Government Health Programs
• Health Insurance Management

Service Coverage        

• Specialty Pharmacy
• Formulary Management
• Benefit Plan Design
• Other

End Use Coverage        

• Pharmacy Benefit Management Organizations
• Mail Order Pharmacies
• Retail Pharmacies
• Other

Geographical Coverage        

• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World

Leading Companies        

• CVS Caremark
• Express Scripts
• Optum Rx
• Humana Pharmacy Solutions
• Prime Therapeutics
• Anthem, Inc.
• Medimpact Healthcare Systems
• SelectHealth
• CapitalRx
• Others

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