We are living at a time when there is a spirited debate about nearly everything – business, sports, politics, the weather. But, on at least one issue, there is a loud chorus of united voices: The pharmacy benefit management (PBM) industry desperately needs a new direction.
PBMs that operate with opaque business practices and antiquated technology stifle innovation and fail to fulfill their promise of lowering drug costs. This is particularly problematic because three legacy PBMs control 80% of the market.
Until now, the status quo has prevailed. The issues plaguing the pharmacy benefit management market are complex, deeply rooted, intertwined, and difficult to address without risking significant unintended consequences.
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