Pharmacy Benefit Manager

Salary Range for Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds

The salary range for a Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds can vary depending on factors such as location, experience, and company size. On average, the salary range for this position is $80,000 to $120,000 per year.

Sample Job Description for Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds Industry

Job Description:

As A Pharmacy Benefit Manager, Your Primary Objective Is To Oversee And Manage The Pharmacy Benefit Programs For Insurance And Pension Funds. You Will Be Responsible For Ensuring The Effective And Efficient Utilization Of Prescription Drugs While Balancing Cost Containment Measures.

Job Requirements:

1. Bachelor'S Degree In Pharmacy Or A Related Field (A Pharmd Degree Is Preferred) 2. Valid Pharmacist License 3. Minimum Of 5 Years Of Experience In Pharmacy Benefit Management Or A Similar Role 4. In-Depth Knowledge Of Pharmacy Benefit Industry Trends, Regulations, And Best Practices 5. Strong Analytical And Problem-Solving Skills 6. Excellent Communication And Negotiation Skills 7. Ability To Manage And Work Collaboratively With Cross-Functional Teams 8. Proficiency In Pharmacy Benefit Software And Technology Platforms 9. Strong Understanding Of Formulary Management And Drug Utilization Review Processes 10. Familiarity With Healthcare Industry Regulations And Compliance Requirements

Job Responsibilities:

1. Develop And Implement Pharmacy Benefit Programs That Align With Client Goals And Objectives 2. Evaluate And Negotiate Contracts With Pharmacy Benefit Vendors And Pharmaceutical Manufacturers 3. Monitor And Analyze Drug Utilization Trends, Cost Data, And Clinical Outcomes To Optimize Pharmacy Benefit Programs 4. Collaborate With Healthcare Providers And Pharmacy Networks To Ensure Access To Quality And Cost-Effective Medications 5. Provide Guidance And Support To Customer Service Teams In Addressing Pharmacy Benefit-Related Inquiries And Issues 6. Stay Up-To-Date With Industry Developments, Regulatory Changes, And Emerging Trends In Pharmacy Benefit Management 7. Conduct Regular Audits And Reviews To Ensure Compliance With Contractual Agreements, Regulations, And Policies 8. Develop And Deliver Presentations To Clients, Internal Stakeholders, And External Partners 9. Collaborate With Finance And Accounting Departments To Monitor And Manage Pharmacy Benefit Expenses 10. Identify And Implement Process Improvements To Enhance Efficiency And Effectiveness Of Pharmacy Benefit Operations.

Top 10 Employers for Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds:

1. Express Scripts - St. Louis, Missouri, USA - www.express-scripts.com 2. CVS Health - Woonsocket, Rhode Island, USA - www.cvshealth.com 3. OptumRx - Eden Prairie, Minnesota, USA - www.optumrx.com 4. Cigna - Bloomfield, Connecticut, USA - www.cigna.com 5. Anthem, Inc. - Indianapolis, Indiana, USA - www.anthem.com 6. Aetna - Hartford, Connecticut, USA - www.aetna.com 7. Humana - Louisville, Kentucky, USA - www.humana.com 8. Prime Therapeutics - Bloomington, Minnesota, USA - www.primetherapeutics.com 9. Magellan Health - Scottsdale, Arizona, USA - www.magellanhealth.com 10. MedImpact Healthcare Systems - San Diego, California, USA - www.medimpact.com

Career Path for Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds:

- Pharmacist or Clinical Pharmacist (2-3 years) - Pharmacy Benefit Analyst or Pharmacy Benefit Coordinator (3-5 years) - Pharmacy Benefit Manager (5+ years)

Top 5 Countries by Pharmacy Benefit Manager in Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds:

1. United States 2. Canada 3. United Kingdom 4. Australia 5. Germany

Top 5 Countries with Established Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds:

1. United States 2. Canada 3. United Kingdom 4. Germany 5. Australia