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New Survey Underscores PBMs’ Value Amid Policy Debate

A new nationwide survey conducted by NORC at the University of Chicago underscores the important role pharmacy benefit managers (PBMs) play in helping employers manage prescription drug benefits. The survey, commissioned by the Pharmaceutical Care Management Association (PCMA), gathered responses from nearly 700 employers and found that PBMs consistently deliver on transparency, flexibility, and savings. These findings come at a time of heightened policy discussions about PBM practices and regulation, offering timely insights into how employers view their partnerships with PBMs.

Understanding employer perspectives on PBMs is critical in the current policy landscape. With Congress continuing to explore PBM oversight, the survey highlights how these organizations are valued by employers for providing essential services that balance cost control with employee access to medications. The survey builds on prior research, reinforcing that employers overwhelmingly support PBMs because of the choice, flexibility, and transparency they provide.

The survey was conducted through a 43-question instrument designed to capture employer experiences with prescription drug benefits and PBMs. It focused on 3 areas: approaches to drug benefit design, experiences and satisfaction with PBMs, and use of PBM-secured rebates. The structure was carefully designed to ensure clarity and objectivity, capturing the perspectives of diverse employers across the country.

The results reveal that 96% of employers feel confident in their ability to make decisions about prescription drug benefits. This confidence underscores trust in their ability to design benefits that meet employee needs. In addition, 90% of employers are satisfied with the clarity and transparency of PBM contract terms, while 88% report satisfaction with PBMs’ ability to secure the lowest possible costs for employees at the pharmacy counter. Employers also stressed the importance of flexibility, valuing the ability to design benefits that balance both cost savings and access to care.

Another major finding is the role of rebates in reducing costs. Ninety percent of employers who received PBM-secured rebates in the past year used them to offset prescription drug benefit costs, with 45% specifically directing rebates to reduce employees’ out-of-pocket expenses. This demonstrates how PBM-negotiated rebates not only provide organizational savings but also deliver direct financial relief to employees.

Overall, the NORC survey results make clear that employers view PBMs as trusted partners in managing drug benefits. They provide the tools, transparency, and options employers need to balance affordability with access to care. By leveraging PBMs, employers are able to design customized benefit plans, ensure cost savings, and pass on meaningful financial relief to employees. As policymakers debate PBM practices, these findings highlight the essential value PBMs bring to the US health care system.

Reference

National survey finds employers widely satisfied with transparency, flexibility, and savings provided by PBMs. PCMA. Press release. Published September 12, 2025. Accessed September 30, 2025. https://www.pcmanet.org/pcma-blog/national-survey-finds-employers-widely-satisfied-with-transparency-flexibility-and-savings-provided-by-pbms/09/12/2025/

NORC. Employers’ Experiences with Managing Prescription Drug Benefits. Published September 12, 2025. Accessed September 30, 2025. https://www.norc.org/research/projects/employers-experiences-managing-prescription-drug-benefits.html