WASHINGTON — Pharmacy benefit managers (PBMs) save consumers and payers an average of $962 per person per year, according to a new analysis by Visante, a $21 increase from 2016. The research also highlights PBMs’ role in reducing medication errors and improving patients’ health through increased adherence rates and specialty pharmacies.
“As prescription drug prices continue to climb, PBMs are proving their value in delivering the cost savings and care management services that consumers and payers need,” said JC Scott, president and CEO of the Pharmaceutical Care Management Association (PCMA).
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Major findings from the new research include:
• PBMs save payers and patients an average of $962 per person per year.
• For every $1 spent on their services, PBMs reduce costs by $10. That’s a $4 increase from 2016.
• PBMs account for just 6 percent of the net cost of a prescription, while manufacturers account for 65 percent.
• Over the next decade, PBMs will help prevent 1 billion medication errors.
• PBMs improve drug therapy and adherence to medications in diabetes patients, helping to prevent some 480,000 heart failures, 230,000 incidents of kidney disease, 180,000 strokes, and 8,000 amputations annually.
• Through specialty pharmacy services, PBMs will help extend and improve the quality of life for patients with multiple sclerosis and rheumatoid arthritis by approximately 1 million Quality Adjusted Life Years (QALYs) over 10 years.