Who Do Pharmacy Benefit Managers Work?

Pharmacy benefit management.

In the United States, a pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs for commercial health plans, self-insured employer plans, Medicare Part D plans, the Federal Employees Health Benefits Program, and state government employee plans.

How do you become a pharmacy benefit manager?

The qualifications to become a pharmacy benefit manager include a bachelor’s degree, at least five years of experience as a pharmacist, and five years in health plan pharmaceutical management. A doctorate in pharmacy is often preferred.

Is Express Scripts a pharmacy benefit manager?

Key Takeaways. At the time of its acquisition by Cigna, Express Scripts was the largest pharmacy benefit management (PBM) company in the U.S. Express Scripts makes most of its revenue through the delivery of prescription drugs, with some additional revenue coming from other services and fees.

Is CVS a pharmacy benefit manager?

Our pharmacy benefits management services are helping plan members manage their health in more affordable and effective ways. Innovative CVS Caremark plan designs help minimize client costs while improving health outcomes for more than 92 million plan members.

What is PBM in healthcare?

Pharmacy Benefit Managers (PBMs) reduce prescription drug costs and improve convenience and safety for consumers, employers, unions, and government programs. PCMA monitors and advocates on a range of important health care issues that allow PBMs to continue: Lowering pharmacy costs for America’s employers and consumers.