Starting this year, many popular brand name medications are predicted to come off patent, opening the market for competitors to come in and create generic equivalents. Once this happens, significant price drops in these medications will appear as the companies lose their market share and more generics enter the field.
And while cheaper drugs can only be good for the consumer, what does it mean for pharmacy benefit managers (PBM), those who contract with pharmacies and work to maintain the formularies?
Changing business models
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