Learn about actual and potential costs
How much should I pay for Pharmacy Benefit Management Services?
What is the average price of Pharmacy Benefit Management Services?
This procurement report includes pricing information to help you purchase Pharmacy Benefit Management Services. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Pharmacy Benefit Management Services been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Pharmacy Benefit Management Services yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Pharmacy Benefit Management Services?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Pharmacy Benefit Management Services with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
Experience and Expertise
How long have you provided these products to your longest-tenured client?
What qualifications does your staff have and what measures do you take to keep those qualifications up to date?
What industry do you most commonly supply this product for?
To what extent will ordering multiple products from your firm allow me to save on costs?
What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?
Supply Chain Risk
Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?
Has the availability of raw materials tightened due to the coronavirus outbreak?
Over the past three years, what percentage of your revenue has been dedicated to labor?
How have fluctuations in input prices affected the prices of your products during the past three years?
How do you mitigate sudden price increases in raw materials?
When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?
How, if at all, has your supply chain been affected by import tariffs levied in 2018?
How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?
How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?
What ongoing training procedures do you provide for your staff?
Have you ever been found to be noncompliant with regulatory frameworks?
Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?
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Key elements for every RFP
What should my RFP include?
If one exists, buyers should specify their budget for the desired PBM services and related products and services.
Buyers should include information about any budgetary constraints.
Buyers can reference the benchmark price and total cost of ownership sections of this report for assistance in creating a budget.
Buyers will evaluate potential vendors based on their ability to fulfill buyers’ project requirements and expectations.
Buyers will evaluate potential vendors based on their performance references for similar projects as well as qualification and expertise of staff assigned to this project.
Buyers should specify their evaluation process for the submitted proposals, including technical and financial evaluation.
For other selection criteria requirements, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should outline the tentative schedule and process for the RFP and project.
Buyers need to include the date when proposals are due and when the award will be announced.
Buyers should outline the length and terms of the contract, including the desire for the option to renew, if applicable.
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