PBM Satisfaction Drops to 9-year Low
In 2023, customer satisfaction with pharmacy benefit managers (PBMs) reached its lowest level in nearly a decade, according to a recent Pharmaceutical Strategies Group (PSG) report. This year’s PBM customer satisfaction score was 7.6 out of 10—the lowest overall satisfaction score since 2014. For comparison, the score’s height was 8.2 in 2021. Analysts believe this drop may be linked to rising drug prices and negative public sentiment.
The survey revealed that customers (e.g., benefits leaders from employers, health plans, health systems and unions) were most satisfied with PBMs in the following areas:
- Meets financial guarantees: 80%
- Commitment to serving the needs of your organization: 78%
- Manages to contractual language: 75%
On the other hand, the lowest areas of satisfaction revolved around effective tools to manage drug benefits costs and customizable solutions.
Despite declining satisfaction with traditional and specialty drug discounts, the survey revealed greater satisfaction with how PBMs manage contractual language and their willingness to integrate with other pharmacy solutions.
Lastly, three PBMs control about 80% of the market. The top three PBMs were viewed less favorably overall by customers than other PBMs, which may be a cause of declining satisfaction.
What Do Customers Want?
According to the 2023 report, the top factors in choosing a PBM were:
- Pricing and cost
- Member experience and customer service
- Honoring guarantees and commitments
Transparency is another key area valued by customers. Specifically, they’d like more transparency with rebates, reporting and general communication.
What does it Mean?
These findings highlight the importance of evaluating PBMs based on various services and functions. The report also reveals that while high satisfaction levels can increase customer retention, overall PBM satisfaction may be less important than other considerations, such as customer service and transparency, due to the complexities of the market. However, similar to health plans, PSG’s report indicates that PBMs may be experiencing challenges with meeting customer demands and navigating rising market pressure.
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