Global Pharmacy Benefit Management (PBM) Revenue Is Nearly 356 Billion USD In 2017
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Pharmacy benefit manager (PBM) is a third-party administrator (TPA) of prescription drug programs for commercial health plans, self-insured employer plans, Medicare Part D plans, the Federal Employees Health Benefits Program, and state government employee plans.
They operate inside of integrated healthcare systems, as part of retail pharmacies, and as part of insurance companies.
In the last several years, global market of Pharmacy Benefit Management (PBM) developed rapidly, with an average growth rate of 6.41%. In 2017, global revenue of Pharmacy Benefit Management (PBM) is nearly 356 billion USD, and the market size will be 625 billion USD in 2025.
Pharmacy Benefit Management (PBM) is widely used for mail-order pharmacy services and non-mail pharmacy services. The most proportion of Pharmacy Benefit Management (PBM) is for non-mail pharmacy services, and the revenue in 2017 is about 313 billion USD. The trend of mail-order pharmacy services is increasing.
USA region is enjoying the largest market share of Pharmacy Benefit Management (PBM), with a market share nearly 97% in 2017. EU is the second place of Pharmacy Benefit Management (PBM), enjoying market share nearly 2% in 2017.
The PBM market has always been dominated by a handful of large players. In 2007, CVS' merger with Caremark Rx to form CVS Caremark, now CVS Health CVS, had a huge impact on the functions and scope of PBMs. Again, CVS Health announced a historic decision to acquire health insurance giant Aetna AET.
Tree major PBMs (Express Scripts, CVS Health, and OptumRx of UnitedHealth Group) comprise 75% of the market and cover 180 million enrollees.