Pharmacy Benefit Managers (PBMs) manage the cost of drugs by establishing formularies and negotiating discounts from drug companies. They also tell a pharmacist to collect the right co-pay from the person getting the prescription according to their insurance plan. They are one of many intermediaries that make money from moving drugs around in the U.S. With PBM consolidation and growing drug cost sharing, the role of the intermediary is in question. Policymakers have made efforts to reduce PBMs' power and to increase the transparency of their drug management.
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