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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Given the greater flexibility and lower costs provided under ARPA’s provisions, plan sponsors should seize this moment to reevaluate and optimize their risk management strategies by considering the whole picture.
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.