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Abstract
As payers of health care expenses seek to manage costs, the market for the services of pharmacy benefit managers (PBM) has grown rapidly. According to Susan Peard of Pharmacy Outcomes Specialists, over the past 2 to 3 years, HMOs have focused on reducing prescription drug utilization. Peard suggests a 3-year plan for implementing a managed pharmacy benefit. During year 1, the HMO should find the right vendor with an integrated mail/retail program, tested market rates, and the ability to add sophisticated programs. In year 2, the plan and programs should be reviewed to make sure they are the right ones. By year 3, the HMO should start to really fine-tune some of the programs by implementing a preferred formulary and rebates, case and disease management, plan restrictions, and other provisions aimed to address the plan's specific problems.