PBMs and Drug Pricing: Congress and Major U.S. Employers Start to Unravel the Hidden Pricing Mechanisms of PBMs

Pharmaceutical benefit managers, or PBMs, have been around since the 1960’s. As initially conceived, they provided a service needed by many insurance companies that had started to become overwhelmed with the processing of claims as increasing numbers of Americans began taking prescription drugs. The PBMs processed the claims for insurers, negotiated drug prices for consumers and thereby solidified their place as the middleman in the prescription drug transaction.

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