What is Pharmacy Benefit Management Services Market?
Pharmaceutical medicine prices continue high up and contribute significantly to total healthcare expenditure worldwide. The cost of drugs has risen more than any of the healthcare expenditure. Moreover, Pharmacy Benefit Management Services also aid in planning and managing the formulary as per customer needs, negotiating discounts and rebates with drug manufacturers, contracting with pharmacies, and processing the prescription claims. To manage the cost of prescription drugs and improve the customer value, Pharmacy Benefit Management Services use various tools such as pharmacy networks, mail-service pharmacies, drug formulary, e-prescribing, manufacturer’s discount, disease management, drug utilization review, and pharmacy discount cards (for the uninsured). To manage these tools and the Pharmacy Benefit Management Services account, there are various prescription claim software/systems marketed worldwide.
The market study is being classified by Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program and State Government Employee Plans), by Application (Mail-Order Pharmacy Services and Non-Mail Pharmacy Services) and major geographies with country level break-up.
Prime Therapeutics LLC(United States), CVS Health (United States), Rite Aid Corp.(United States), Anthem, Inc.(United States), Cigna (United States), Walgreens Boots Alliance, Inc.(United States), Micro Merchant Systems, Inc. (United States), Magellan Health, Inc. (United States) and DST Systems, Inc. (United States) are some of the key players profiled in the study.
Pharmacy Benefits Management Services market, offering a comprehensive analysis of current and future market conditions of key players. The market is fragmented due to the presence of many vendors. With the growing market competition, key vendors are expected to compete on new product developments by adopting new technologies Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Pharmacy Benefit Management Services market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Pharmacy Benefit Management Services market by Type, Application and Region.
On the basis of geography, the market of Pharmacy Benefit Management Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increase Access to Medication
- Increasing healthcare expenditure worldwide
- Increased awareness of pharmacy benefit management services
- Growing online sales channel
- Lack of awareness related to pharmacy benefits management services
- Growth in government expenditure towards the improvement of the healthcare sector in emerging countries such as India and China are also significant factors of the growth in the market
- Lack of Skilled professional
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Pharmacy Benefits Management Services Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
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