The pharmacy benefit company market is competitive and diverse, with more than 70 full-service PBMs of varying size operating across the country. These companies differentiate themselves through the services, contract terms, and products they offer. Across this competitive industry is a common mission – to ensure every patient has affordable access to the drugs they need. PBMs deliver on that mission, securing prescription drug savings for patients of $1,040 per person per year.

As the prescription drug marketplace evolves, PBMs continue to innovate to provide a range of coverage options to fit the changing needs of plan sponsors. Employers, including small and mid-sized businesses, value having flexibility and a range of options when designing their prescription drug benefits for the unique needs of their employees.

A recent op-ed in Fortune by David Joyner, EVP of CVS Health and President of CVS Caremark, highlights how pharmacy benefit companies encourage greater competition, and explains how PBMs are working to provide choices for businesses to make prescription drug coverage more affordable:

“We welcome competition. Choice is critical—PBMs offer options that are tailored to what a payer needs. Sometimes a business doesn’t need access to 70,000 pharmacies; a smaller network will do. An employer may want to use all of the rebates we negotiate on their behalf, or they might have us keep a percentage of the rebate to pay for the services we perform. In every instance, we’ll evaluate the needs of our customers and their members and do what delivers the greatest benefit to them.” 

Joyner also explains how his pharmacy benefit company, like others in the marketplace, is implementing innovative new programs to help patients and families secure savings:

“From comprehensive care to formulary management to negotiations, our company and our industry continue to rapidly evolve. We recently announced the introduction of True Cost, an innovation that will drive greater transparency by reflecting the true net cost of prescription drugs, and that will pass on savings to members at the pharmacy counter. This is what we uniquely can do at scale.”

Read the full op-ed HERE.

Learn more about the role and value of pharmacy benefit companies and how Big Pharma’s practices lead to high drug prices HERE.

 ###

PCMA is the national association representing America’s pharmacy benefit companies. Pharmacy benefit companies are working every day to secure savings, enable better health outcomes, and support access to quality prescription drug coverage for more than 275 million patients.