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In today's complex healthcare landscape, managing prescription drug benefits efficiently is crucial for both employers and employees. This is where Pharmacy Benefit Management (PBM) companies step in. PBMs play a vital role in helping organizations navigate the complexities of prescription drug coverage, ensuring cost-effective and convenient access to medications for employees. In this article, we will take an in-depth look at how PBMs work and their significance in the industry.
Pharmacy Benefit Management (PBM) Defined
Pharmacy Benefit Management involves the administration and management of prescription drug programs on behalf of employers, insurers, and other payers. PBMs serve as intermediaries between employers, health plans, pharmacies, and pharmaceutical manufacturers. Their primary objective is to optimize prescription drug benefits, ensuring affordable access to medications while maintaining quality care.
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