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Pharmacy Benefit Management Services Market Growth Study 2020: Key Players are CVS Health, UnitedHealth Group, Anthem, Inc., Centene Corporation, DST Systems, Inc., Kaiser Foundation Health Plan, Inc

All the parameters of this Global Pharmacy Benefit Management Services Market report can be explored to analyze market status, market share, growth rate, future trends, market drivers, opportunities, challenges, risks, entry barriers, sales channels, and distributors. The report encompasses the key developments in the market with respect to the current scenario and the forthcoming advancements. This Global Pharmacy Benefit Management Services Market report provides an explanation about the detailed market analysis with inputs from industry experts. The market report is a scrupulous investigation of the current scenario of the global market, which covers several market dynamics. The Global Pharmacy Benefit Management Services Market business document lends a hand with industry to divulge the best market opportunities and look after proficient information to efficiently climb the ladder of success.

Market Analysis: 

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.

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Key Market Competitors: 

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.

Competitive Analysis: 

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.

Global Pharmacy Benefit Management Services Market By Type (Commercial Health Plans, Self-Insured Employer Plans, Medicare Part D Plans, Federal Employees Health Benefits Program, State Government Employee Plans), Application (Mail-Order Pharmacy Services, Non-Mail Pharmacy Services), Service (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, Others), End-User (Healthcare Providers, Employers, Drug Manufacturers, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends & Forecast to 2026

Global Pharmacy Benefit Management Services Market Market Definition: 

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.

Market Drivers

  • 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

Market Restraints

  • Lack of awareness amongst consumers about the benefits of the service
  • Misuse of patient’s data restrains the growth of the market

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Segmentation: Global Pharmacy Benefit Management Services Market 

By Type

  • Commercial Health Plans
  • Self-Insured Employer Plans
  • Medicare Part D Plans
  • Federal Employees Health Benefits Program
  • State Government Employee Plans

By Application

  • Mail-Order Pharmacy Services
  • Non-Mail Pharmacy Services

By Service

  • 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
  • Others

By End-User

  • Healthcare Providers
  • Employers
  • Drug Manufacturers
  • Others

By Geography

  • North America
  • South America
  • Europe
  • Asia-Pacific
  • 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.

Reasons to Purchase this Report

  • Current and future of global pharmacy benefit management services market outlook in the developed and emerging markets
  • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
  • Regions/Countries that are expected to witness the fastest growth rates during the forecast period
  • The latest developments, market shares, and strategies that are employed by the major market players

Customization of the Report:

  • All segmentation provided above in this report is represented at country level
  • All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)

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