strategy+business August 13, 2018
How deals are shaping the $450 billion industry that manages prescriptions in the United States.
A rapid and far-reaching transformation of the US$450 billion pharmacy benefits manager (PBM) market, which touches virtually every healthcare consumer, is unfolding before our eyes. In the fall of 2017, after retail chain CVS proposed a $69 billion acquisition of insurer Aetna, and insurance giant Anthem partnered with CVS to create a PBM, we argued that the pharmacy benefits function was poised to evolve. The PBM industry, which historically had administered drug plans and focused on containing drug spending for employers and insurers, would likely have to enter new collaborative arrangement models with stakeholders along the value chain.
Over the past year in the PBM...
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