Pharmacy Benefit Management

Pharmacy Benefit Management (PBM) involves the administration of prescription drug benefits on behalf of health plans, employers, and other payers. PBMs negotiate drug prices with manufacturers, manage formularies, process claims, operate mail-order pharmacies, and provide clinical services. They play a crucial role in controlling prescription drug costs while ensuring access to necessary medications. PBMs integrate with prescription systems to provide real-time benefit checks and formulary management.