What is a Pharmacy Benefit Manager (PBM)?

This patient education video from CancerCare defines and explains the practices of Pharmacy Benefit Managers (PBMs), the companies that create and oversee your prescription drug benefits. PBMs use several practices designed to save the health plan money, but these cost-control measures may negatively impact people with cancer. This video explains what to do in the face of PBM practices, including Formularies, Price Negotiations, Pre-Authorizations, Step Therapy, Specialty Pharmacies and Claim Denials. ** Key Takeaways ** » PBMs control drug access and costs through formularies, prior authorizations, and claim denials. » These practices disproportionately impact cancer patients. » There are steps patients can take to improve their access to medications. To see more animated videos from CancerCare, visit:    • Get the Facts   #CancerCare #pharmacybenefitmanagers #cancer #utilizationmanagement #redtape #PatientEducation #healthcareaccess ** Important Links ** » To learn more about PBMs and other insurance practices that impact patients, visit https://www.cancercare.org/redtape » Learn more about available resources from CancerCare: http://www.cancercare.org/ » Subscribe to CancerCare:    / @cancercareinc   » Add CancerCare to your LinkedIn Network:   / cancercare   » Follow CancerCare on Instagram:   / cancercareus   » Connect with CancerCare on Facebook:   / cancercare   This resource was supported by: The Anna Fuller Fund Bristol Myers Squibb Supported by a grant from Genentech This resource was made possible through an independent grant from Merck & Co., Inc. Sponsored by Takeda Oncology