DALLAS--(BUSINESS WIRE)--Satisfaction with pharmacy benefit managers (PBMs) has plunged to its lowest level in nearly a decade, according to Pharmaceutical Strategies Group’s newly-released 2023 Pharmacy Benefit Manager Customer Satisfaction Report.
The survey, now in its 26th year, sampled 229 benefits leaders representing employers, health plans, health systems, and unions to present an unparalleled depth of insight into the landscape of customer satisfaction with the management of prescription drug programs.
PBMs feel impact from negative scrutiny
Respondents’ mean overall satisfaction with their PBMs is 7.6 on a 1-10 scale, representing a material drop from a height of 8.2 in 2021 and the lowest overall satisfaction since 2014. Rising drug trend, predominantly negative public perception, and targeted political rhetoric likely have contributed to the decline in satisfaction.
Respondents are now much more reluctant to recommend their PBM to a colleague than in recent years. The overall Net Promoter Score (NPS) of PBMs has suffered a dramatic decline from 38 in 2021 to 8 in 2023. Benefits leaders are also more hesitant to renew their existing PBM contract without seeking a competitive RFP.
“This is an industry in which 3 PBMs command nearly 80% of the market share. Diminishing satisfaction with these goliaths may create avenues of potential growth for competitors, who have higher customer satisfaction across multiple metrics,” said Mike Lonergan, president of PSG. “These insights are important as plan sponsors weigh their options in selecting their PBM partners.”
Opportunities and appetite for disruption
Despite declining satisfaction in areas like traditional and specialty drug discounts, PSG’s 26th annual survey observes greater satisfaction with how PBMs manage to contractual language and their willingness to integrate with other pharmacy solutions. At the same time, respondents show interest in separating specialty pharmacy and rebate management services from their existing PBMs and also see potential for disruptive solutions such as Amazon Pharmacy and Cost Plug Drugs to impact the industry.
Benefits leaders also see an opportunity for PBMs to earn goodwill by helping their organizations grapple with the affordability of high-cost gene therapies. These treatments, which can approach $3.5 million in cost, are projected to grow substantially over the next 3 to 4 years. Addressing the affordability concerns of these plans will be of paramount importance for PBMs that wish to improve their standing in the marketplace.
[Click here] to download the full 2023 PBM Customer Satisfaction Report.
About Pharmaceutical Strategies Group (PSG)
Pharmaceutical Strategies Group, an EPIC company, relentlessly advocates for clients as they navigate complex and ever-changing drug cost management challenges. PSG’s innovative drug management solutions, including the proprietary data and analytics platform, Artemetrx®, deliver actionable insights with exceptional financial and clinical value. PSG functions as a strategic partner through industry-leading intelligence and technologies to realize billions of dollars in drug cost savings for clients every year. www.psgconsults.com
