Insurers, employers, unions and government programs are not required to hire a PBM. Instead the vast majority choose to do so because PBMs have a track record of lowering costs while providing a high level of consumer satisfaction.
A PBM is a health care company that contracts with insurers, employers, government programs and others to administer the prescription drug part of a health care benefit. If you have a prescription drug card, chances are that you are working with a PBM to get your prescriptions filled.
On behalf of their clients, PBMs perform a variety of services to ensure high-quality, cost-efficient delivery of prescription drugs to consumers. In California, PBMs are projected to save public programs, employers and others that pay for prescription drugs $73.5 billion over a 10-year period.
