WASHINGTON, Nov. 28, 2016 /PRNewswire-USNewswire/ -- Pharmacy benefit managers (PBMs) are saving consumers and payers an average of $941 per person per year, according to a new analysis by Visante. The new research also highlights PBMs' role in reducing medication errors and improving the lives of patients through increased adherence rates to medications and the use of specialty pharmacies.
"PBMs are reducing prescription drug costs for patients while also improving health care quality and outcomes," said Mark Merritt, President and CEO of the Pharmaceutical Care Management Association (PCMA).
Major findings from the new research include:
- PBMs save payers and patients an average of $941 per person per year.
- For every $1 spent on their services, PBMs reduce costs by $6.
- Over the next 10 years, PBMs will help prevent one billion medication errors.
- PBMs improve drug therapy and patient adherence in diabetes patients, helping to prevent some 480,000 heart failures, 230,000 incidents of kidney disease, 180,000 strokes, and 8,000 amputations annually.
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, managed Medicaid plans, and others.
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SOURCE Pharmaceutical Care Management Association