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How employers and pharmacy benefit managers can work together to reduce costs

For all that PBMs do to reduce costs and improve the quality of pharmacy benefits, it is important to understand that employers, unions and government programs are in the drivers seat.

By Ren Elder | Updated on January 31, 2018
Today, specialty drugs are dominating the amount of spending in the pharmacy benefit and payers are demanding PBM contracts that provide cost savings while ensuring these medications are accessible. (Photo: Shutterstock)

Employers in today’s health care market are faced with the difficult challenge of balancing access to innovative, life-saving, and preventative medicines for consumers, while keeping costs at a sustainable level. 

Over the last 20 years, as these new treatments entered the market, creating a cost and access dilemma, those providing coverage – employers, unions, and government programs – realized the value in hiring pharmacy benefit managers (PBMs) to meet the health needs of their respective enrollees. 

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