Our PBM benchmarking report includes cost comparisons, plan design analysis, specialty pharmacy trends, and vendor performance metrics specific to your industry.
Discover How Benchmarking Transforms PBM Vendor Management
PBM benchmarking gives you a transparent look at how your pharmacy benefits plan performs compared to industry standards.
This insight helps you identify inefficiencies, uncover hidden costs, and hold your PBM accountable. With accurate benchmarks, organizations can negotiate stronger contracts and make more informed vendor decisions.
It’s the foundation of effective PBM vendor management and long-term cost control.
Exploring the Key Benefits of PBM Benchmarking
Benchmarking your pharmacy benefits plan is all about direction. With IRx, PBM benchmarking becomes a strategic tool to evaluate your plan design, drug spend, and clinical outcomes against real-world performance across your industry.
Here’s what you get when you benchmark with Innovative Rx Strategies:
- Identify Cost Savings Opportunities: Examine your current PBM contract to determine if it may be costing you more than the market average, such as excessive dispensing fees, poor rebate retention, or inflated specialty drug costs.
- Spot Gaps-to-Market: Uncover weaknesses in your plan design compared to peers in your industry or region. Whether it’s formularies, copay structures, or specialty utilization, we’ll show you how your plan stacks up.
- Track Emerging Benefits Trends: Stay ahead of the curve with insights into current pharmacy and specialty pharmacy trends, such as biosimilar adoption, copay accumulator strategies, and new-to-market therapies.
- Compare Plan Design and Contribution Models: Benchmark contribution levels, tier structures, and clinical programs to ensure your design supports both cost containment and member outcomes.
With Innovative Rx Strategies, PBM benchmarking is more than a spreadsheet: it’s a strategy that drives measurable results.
Industries We Serve and Plans We Benchmark
PBM benchmarking applies across a wide range of industries, from large self-funded employers and hospital systems to regional health plans and third-party administrators.
We work closely with CFOs, HR leaders, and benefits consultants to evaluate plan performance within their specific market segments. Our benchmarking includes pharmacy and specialty drug plans, and can include broader benefit designs like wellness incentives and clinical management programs.
No matter the organization, we provide the data needed to make smarter, more competitive benefits decisions.
Related Services That Enhance Your Benchmarking Insights
Benchmarking is often the first step in a larger strategy to optimize your pharmacy benefits. Once we’ve identified gaps and opportunities through PBM benchmarking, many clients move into vendor management, contract negotiation, or full-plan assessments.
Our team happily supports each phase, whether that means running a competitive PBM RFP or redesigning your specialty drug strategy entirely.
Every step that comes next is guided by data and aligned with your goals. That’s our guarantee.
Start Benchmarking Your Pharmacy Benefits Today
Ready to see how your pharmacy benefits stack up? Our PBM benchmarking experts uncover hidden costs, identify performance gaps, and help you manage your PBM with total assurance. Most clients save at least 15% in the first year – without even switching vendors.
Speciality Pharmacy and PBM Benchmarking FAQs
Do I need to change my PBM to benefit from benchmarking?
No. PBM benchmarking can identify savings and improvements without requiring a change in vendors or disrupting your current setup.
How often should we benchmark our pharmacy benefits plan?
Innovative Rx Strategies recommends performing PBM and specialty pharmacy benchmarking annually to stay competitive and adjust to industry trends.
Is PBM benchmarking only for large employers?
Not at all. Our clients include self-funded employers of all sizes, as well as TPAs, health systems, and brokers looking to optimize pharmacy benefit strategies.