Study: Insurer-Integrated PBMs Dominate Medicare Part D, Steer People to Their Pharmacies
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Feb 27, 2025
Pharmacies owned by companies that own both health insurers and PBMs make up a significant share of the Medicare Part D market, and these “insurer-PBMs” meaningfully steered Medicare beneficiaries to their affiliated pharmacies, according to a new study published in JAMA Health Forum.
The researchers analyzed a 20% sample of Medicare Part D claims data from Medicare Advantage Prescription Drug (MA-PD) plans and stand-alone Prescription Drug Plans (PDPs) for 2021, which collectively covered more than 10.4 million beneficiaries. They found that 34.1% of all pharmacy spending, 37.1% of specialty pharmacy spending, and 32.1% of non-specialty pharmacy spending occurred through pharmacies owned by The Cigna Group, CVS Health Corp., Humana Inc., or UnitedHealth Group.
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