Industrial Pharmacy

Industrial Pharmacy Management

Pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs. PBMs are primarily responsible for developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, and processing and paying prescription drug claims. PBMs also offer programs that provide value and flexibility to participants to help control prescription costs. Some of these areas include information about tablet splitting, lower-cost therapeutic alternatives, and tiered trial of specific medications in a therapeutic class, evaluating clinical programs for large populations, medication therapy management programs, and mail order service.

Specialty drugs are prescribed to treat complex conditions such as cancer, HIV and inflammatory diseases. While these drugs fulfil the promise of modern medicine by enriching and often extending a patient’s quality of life Specialty pharmaceutical spending is on the rise and is expected to increase from approximately $55 billion in 2005 to $1.7 trillion in 2030, according to the Pharmaceutical Care Management Association Specialty drugs are frequently administered by medical professionals at higher-cost treatment sites such as hospitals, infusion centres and physician offices. These drugs also require special handling, administration, patient education, and clinical support -- all of which further drive up their cost Pharmaceutical management teaches how to provide the correct drugs in the correct amount to individuals.