What is a Pharmacy Benefit Manager (PBM)?
A PBM is a third party administrator of a prescription drug program that is primarily responsible for processing and paying prescription drug claims. In addition, they develop and maintain the formulary, contract with pharmacies, and negotiate discounts and rebates with drug manufacturers. Navitus negotiates rebates and discounts on behalf of the State of Wisconsin and passes the savings back to the State. Many health plans provide their drug benefit through a PBM.
