Pharmacy Benefit Management is definitely an organization of prescription drug programs that administers, monitors, and handles all the problems related to healthcare, and provides drug benefit programs to the employers. Furthermore, it helps in providing employers with medical services and prescription medications at reduced costs. The price reduction is achieved through rebates with drug manufacturers, entering in contracts with pharmacies, processing, and paying prescription drug claims as well as by working together with self-insured companies and government programs. Pharmacy benefit management releases the listing of prescription drugs that include all drugs covered under its benefit plans, wherein manufacturers are available to offer discounts.

Pharmacy Benefit Management can be diverse and flexible including small to large in size. Some of the areas of the pharmacy benefit manager include assessing clinical programs for large populations; medication therapy management programs; and information regarding tablet splitting, low priced therapeutic alternative, and mail order service.

With prescription drugs becoming unaffordable without insurance cover, certain companies have been discovering novel mechanisms to reduce medication costs and enhance price transparency of drugs. For instance, GoodRx partners with PBMs and offers discounts through its coupons to people with no insurance and people that have high deductible plans. Users can compare the price they'd buy a medication with a GoodRx coupon and the price made available from their insurance plan.

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