Each year plan sponsors need to assess which formulary option best fits their organization’s financial and clinical goals. Current pharmacy benefit manager (PBM) options include a standard “off-the-shelf” formulary, a custom formulary, or a partially customized formulary. This white paper covers these three options in detail. The paper part of a series on best practices in working with pharmacy benefit managers, with the aim of helping plan sponsors evaluate the formulary options that best matches up with their plan needs.
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PBM Best Practices Series: Standard or custom formulary: Which option is better for your plan?
With PBMs, is it best to go with a standard or custom formulary, or a hybrid of the two? We discuss the considerations to help plan sponsors choose the best option.