About Pharmacy Benefit Management Services
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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.52% |
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 Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Pharmacy Benefit Management Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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 that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Pharmacy Benefit Management Services market by Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program and State Government Employee Plans), Application (Mail-Order Pharmacy Services and Non-Mail Pharmacy Services) 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). If we see Market by , the sub-segment i.e.
will boost the Pharmacy Benefit Management Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pharmacy Benefit Management Services, the sub-segment i.e. Specialty pharmacy services will boost the Pharmacy Benefit Management Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Demand Determinants, the sub-segment i.e. Government health programs will boost the Pharmacy Benefit Management Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing online sales channel
Market Growth Drivers:
Increase Access to Medication, Increasing healthcare expenditure worldwide and Increased awareness of pharmacy benefit management services
Challenges:
Lack of Skilled professional
Restraints:
Lack of awareness related to pharmacy benefits management services
Opportunities:
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
Key Target Audience
New 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
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.