UnitedHealth Group’s pharmacy benefit management (PBM) company, OptumRx, recently partnered with fellow servicer Catamaran to create a new offering in pharmacy care, continuing a trend of consolidation. A PBM processes prescriptions for the groups that pay for drug, usually insurance companies or corporations, and use their size to negotiate with drug makers and pharmacies.
According to a recent statement from UnitedHealth Group, “The new OptumRx will focus on driving smarter connections to address the needs of each individual consumer, to power smarter strategies and to address modern health care dynamics.”
As drug costs have increased, insurers are constantly looking for ways to control that spending and PBM services are becoming more and more necessary.
The partnership promises faster consumer engagement, reduced costs, and better total cost management. OptumRx, one of the three largest participants in the PBM sector, will fill over one billion scripts annually. Talk about bargaining power!