Health Care Rounds

Pharmacy benefit managers (PBMs) play a pivotal role in drug pricing, yet their practices often remain shrouded in a black box of rebates, spread pricing, and misaligned incentives. In this installment of our Pharma Series, Alan Pannier, Senior Vice President of Product Strategy at SmithRx, breaks down how legacy PBMs use opaque contracts and vertical integration to drive up costs, why employers are beginning to push back, and how transparent, cost-based models are reshaping the future of pharmacy benefits.