PBMs Help Patients Stick to Their Budgets
As a result of the COVID-19 pandemic, over 266 million patients across the country are tightening budgets and bolstering their savings. With the holidays beginning—a season traditionally associated with higher costs—families across the country are looking for ways they can cut down on their expenses and put more in their savings accounts. This season, Pharmacy Benefit Managers (PBMs) are working to maximize savings for the patients they serve. All told, PBMs are responsible for saving patients nearly $1,000 a year.
PBMs achieve these savings in a number of ways:
- By negotiating discounts and rebates from pharmacies and manufacturers,
- Encouraging the use of low-cost generic drugs, and
- Improving consumers’ access to mail-service and specialty pharmacies
Typically give plan sponsors deeper discounts than retail pharmacies, consumers have experienced a roughly 30% discount on their prescription medications. As a result of all these efforts and more, PBMs will save employer- and union-sponsored health plans and employers more than a trillion dollars over the next decade.
These savings on prescription drugs allow families to put their money to good use this holiday season. PBMs are working to provide hundreds of millions of patients additional financial security through our efforts. For more information, click here.
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Pharmacy benefit managers (PBMs) are your advocates in the health care system, working to lower out-of-control prescription drug costs for patients across the country.