Pharmacy benefit managers (PBMs) were first developed in 1958 as a prepayment plan for prescriptions. Today, PBMs function as middlemen between pharmacies, plan sponsors, drug manufacturers, and wholesalers.
With the increasing complexity of PBM services and horizontal and vertical integration within the drug supply chain, concerns have grown about PBMs’ business practices, such as the transparency of drug pricing and reimbursements to pharmacies...
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