Most people don't think twice about the small line on their insurance card that reads "prescription benefits." Yet behind that single line lies an entire industry shaping how Americans access and afford medications. That industry is powered by Pharmacy Benefit Managers, or PBMs, companies that manage prescription drug benefits on behalf of insurers, employers, and patients.
"PBMs are the intermediaries in the healthcare system," explains Greg Baker, Chief Executive Officer at AffirmedRx. "We sit between pharmaceutical manufacturers, insurers, and pharmacies, negotiating prices, creating formularies, and administering drug benefits. In the simplest sense, we work diligently to control costs, but in reality, the industry has become incredibly complex."
