February 25, 2020
Pharmacy benefit managers (PBMs) save consumers and payers an average of $962 per person, per year, which is a $21 increase from 2016. Research by Visante – which was commissioned by the Pharmaceutical Care Management Association (PCMA) also highlights PBMs’ role in reducing medication errors and improving patients’ health through increased adherence rates and specialty pharmacies.
Read the Study
- Pharmacy Benefit Managers (PBMs) help reduce prescription drug costs for 266 million Americans.
- PBMs save payers and patients 40-50% on their annual drug and related medical costs compared to what they would have spent without PBMs.
- PBMs save payers and patients an average of $962 per person per year.
- For every $1 spent on their services, PBMs reduce costs by $10.
- PBMs account for just 6% of the net cost of a prescription, while manufacturers account for 65%.
- Over the next 10 years, PBMs will help prevent 1 billion medication errors.
- PBMs improve drug therapy and prescription adherence in diabetes patients, helping to prevent some 480,000 heart failures, 230,000 incidents of kidney disease, 180,000 strokes, and 8,000 amputations annually.
- Through specialty pharmacy services, PBMs will help extend and improve the quality of life for patients with multiple sclerosis and rheumatoid arthritis by approximately 1 million Quality Adjusted Life Years (QALYs) over 10 years.