PBM Contract Analysis & Negotiation
Every year, hundreds of entities — private corporations, unions, insurance companies, government bodies and coalitions — enter into new contracts with Pharmacy Benefit Management companies. Unfortunately, virtually all of these contracts are riddled with the identical contract “loopholes”.
As a result, PBMs are able to manipulate the contracts, deprive their clients of millions of dollars in savings, and continuously drive up their clients’ costs throughout the contracts’ durations.
Drafting an effective PBM contract requires two “tools”, namely: (i) a thorough understanding of the way in which PBMs are manipulating PBM contracts; and (ii) the legal skills to draft an “airtight” legal contract. Few who are drafting PBM contracts have both of the above. Most have neither.
Pharmacy Benefit Consultants has written and published articles to assist all plans in understanding the likely deficiencies in their PBM contract. We urge your plan to download our materials - for free - and study their contents in the privacy of your office. When you do so, you will be taking the first step toward dramatically decreasing your prescription coverage costs.
We also urge your plan to contact our firm to obtain a free, one hour consultation to analyze the deficiencies in your current contract and discuss the ways you should improve it.
We have provided scores of entities with such consultations, and without exception, all have stated they were astonished to find out what they hadn’t known. Moreover, without exception, every plan that has taken the steps to correct contract deficiencies has dramatically decreased its prescription coverage costs.