Welcome Back, Congress: Here’s What To Know About PBMs

Welcome back to Washington. As Congress returns, it's a good time to brush up on the positive impact pharmacy benefit managers (PBMs) are having in our health care system.

Here are five things to know about PBMs:

1. PBMs secure savings, enable better health outcomes, and support access to quality prescription drug coverage for patients - helping patients and payers save on average $1,154 per person every year.

2. Employers, labor unions, and government programs choose to hire PBMs - no one must hire a PBM. These groups also get to decide how they pay for PBM services, weighing their options with what works best for their unique patient populations.

3. The PBM market is competitive and dynamic, with more than 70 full-service PBMs operating today. PBMs compete for business through a rigorous RFP process and differentiate themselves through the services, contract terms, and products they offer.

4. The PBM industry supports lower list prices for all prescription drugs for every patient and have called on drug companies to lower the list prices that they alone set.

5. PBMs partner with and support pharmacies across the country through innovative programs that provide patients with a higher quality, lower cost pharmacy experience.

As Congress explores policies to make prescription drugs more affordable for Americans, lawmakers should support bills that will make the market more competitive and address the root cause of high drug prices - Big Pharma's egregious patent abuse.

Dive deeper into PBMs with a primer HERE and blog post from PCMA's Rx Research Corner HERE.

Hear from PBM experts and employers about the value that PBMs provide HERE.

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