Review:
Pharmacy Benefit Management
overall review score: 4.2
⭐⭐⭐⭐⭐
score is between 0 and 5
Pharmacy benefit management (PBM) is a third-party administrator that manages prescription drug plans for health insurers, self-insured employers, and other entities.
Key Features
- Cost containment
- Formulary management
- Drug utilization review
- Drug pricing negotiations
Pros
- Helps control prescription drug costs for health plans
- Provides access to a network of pharmacies
- Offers drug utilization review to promote safe and effective medication use
Cons
- May limit choices for patients in terms of pharmacy options
- Can lead to conflicts of interest between PBMs and pharmacies or drug manufacturers