Definitions for "Pharmacy Benefit Manager"
An organization that provides programs and services designed to help maximize drug effectiveness and contain drug expenditures by influencing the behaviors of prescribing physicians, pharmacists, and members.
A specialty health care organization that serves thousands of client groups, including managed care companies, insurance carriers, third-party administrators, employers and union-sponsored benefit plans. These organizations specialize in pharmaceuticals and strive to contain the costs of prescription drugs while promoting more efficient, safer drug use.
PBMs are third party administrators of prescription drug benefits.