Global pharmacy benefit management services market is expected to witness a substantial growth rate, registering CAGR of 6.35% in the forecast period of 2019-2026. The report contains data for the base year of 2018, and the historic year of 2017. This rise in the market can be attributed to the rise in the drug prices and increasing healthcare expenditure.
Today’s businesses choose the market research report solution such as Global Pharmacy Benefit Management Services Market report because it lends a hand with the improved decision making and more revenue generation. The market study provides details of drivers and restraints for the Global Pharmacy Benefit Management Services Market with the help of SWOT analysis, along with the impact they have on the demand over the forecast period. Analysis and discussion of important industry trends, market size, and market share estimates are revealed in the report. The Global Pharmacy Benefit Management Services Market report helps strengthen your organization and make better decisions for driving your business on the right track.
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Key Market Competitors: Global Pharmacy Benefit Management Services Market
Few of the major market competitors currently working in the global pharmacy benefit management services market are Cigna, CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc., Kaiser Foundation Health Plan, Inc., Magellan Health, Inc., McKesson Corporation, MedImpact Direct, LLC., Micro Merchant Systems, Inc., Prime Therapeutics LLC, Rite Aid Corp., TrialCard Incorporated, Walgreens Boots Alliance, Inc. amongst others.
Market Definition: Global Pharmacy Benefit Management Services Market
Pharmacy benefit management services provide several medical facilities to patients. They are run by third party administrators (TPAs) who acct as link between pharmacists, insurance companies, claimers of insurance and drug manufacturers. They help in reducing the price of drugs, manage prescriptions, plan the best health plans for patients by offering discounts and rebates. They offer medicines at affordable prices as compared to those sold by retail pharmacists.
- Increasing occurrence of generic and chronic diseases and the desire to effectively and efficiently medicate such illness drives the demand for pharmacy benefit manager services
- Increased demand for insurance services, and increase in the number of people availing insurance stimulates the demand for pharmacy benefit manager services
- Advancements in healthcare and the rising demand for such health care services boosts the growth of this market
- Lack of awareness amongst consumers about the benefits of the service
- Misuse of patient’s data restrains the growth of the market
Segmentation: Global Pharmacy Benefit Management Services Market
- Commercial Health Plans
- Self-Insured Employer Plans
- Medicare Part D Plans
- Federal Employees Health Benefits Program
- State Government Employee Plans
- Mail-Order Pharmacy Services
- Non-Mail Pharmacy Services
- Retail Pharmacy Services
- Specialty Pharmacy Services
- Benefit Plan Design & Consultation
- Network-Pharmacy Claims Processing
- Home Delivery Pharmacy Care
- Drug Utilization Review
- Drug Formulary Management
- Medical & Drug Data Analysis Services
- Healthcare Providers
- Drug Manufacturers
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
Key Developments in the Market:
- In December 2018, Cigna Corporation announced that they had acquired pharmacy benefit manager, Express Scripts for an approximate USD 67 billion. With this, they would provide wider choice and affordable services to their customers revolutionizing their health care system and benefitting their customers, clients, partners and the entire society on a large.
- In November 2018, CVS Health announced that they had completed the acquisition of Aetna, Inc. after they had received the approval of their USD 69 billion merger from the regulatory authorities. This acquisition is expected to revolutionize the entire healthcare industry as the strong resources of CVS would be merged with Aetna’s large network, thereby resulting in better relationships with customers, and provision of best health care services.
Competitive Analysis: Global Pharmacy Benefit Management Services Market
Global pharmacy benefit management services market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacy benefit management services for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Potential of the report
- To gain information about the top players in this industry, their product portfolios, and their key strategies.
- Key parameters which are driving this market and restraining its growth
- What all challenges manufacturers will face as well as new opportunities and threats faced by them.
- Learn about the market strategies that are being adopted by your competitors and leading organizations
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.