Health insurance company benefits manager plans to expand its drug and device pharmacy coverage to include more than 4,000 stores across the country.
Pharmacy Benefit Manager plans to add nearly 1,000 additional pharmacy locations to its network by the end of this year.
A recent report by Moody’s Analytics said the pharmacy benefit manager is the fifth-most-profitable industry in the U.S. and has seen a steady increase in spending since 2010, when it was first launched.
It now offers more than 5,600 pharmacy benefits managers in the country, with nearly half of those coming in the pharmacy coverage category, according to the report.
“Pharmaceutical benefits managers are a vital part of the health care system, providing important coverage for millions of patients who cannot afford the costs associated with their medications,” James S. Gresham, the chief executive officer of the American Pharmacists Association, said in a statement.
The industry has struggled in recent years due to soaring prescription drug costs, and President Donald Trump’s anti-trust efforts have helped drive up drug prices.
On Friday, the Trump administration announced plans to slash the Medicare drug program by $7.4 billion from 2019 to 2022.
In 2017, the pharmaceutical industry contributed $2.5 billion to federal treasury coffers.