The Pharmacy Benefit Manager (PBM) Business Model


Quantifying a Pharmacy Benefit Manager (PBM) Fee-For-Service Business Model (03/19)

The Problem with CVS’s “Guarantee Net Cost” PBM Business Model (12/18)

Three Phases of the Pharmacy Benefit Manager Business Model (09/17)

Will Amazon’s Online Pharmacy Display Therapeutic Equivalents (12/17)

Blame PBMs (Not Pharma) For Driving Drug Price Inflation (09/17)

Merck Data Discredits PBM-Sponsored Study of Brand Drug Price Inflation (09/17) 

Biosimilars and Exclusive Dealing Antitrust Law: The Case of Pfizer Inc vs J&J et al (12/17)

Hepatitis C Virus Formulary Choices for 2018: Will CVS Caremark Risk Looking Bad? (09/17)

AbbVie’s Mavyret Hep C Drug Pricing is Disruptive to the PBM Business Model (09/17)


Pharmacy Benefit Managers as Conflicted Countervailing Powers (01/07)

Pharmacy Benefit Manager Valuation and Profitability: Business Models Matter (07/09)

Medco As a Business Model Imperialist (07/08)

The Express Scripts – Wellpoint (Anthem) Deal as a “Double-Trouble” Front (08/09)

Quantifying Medco’s Business Model: An Update (11/08)

A Tale of Two PBMs: Express Scripts vs. Medco (11/05)

Searching for Windfall Profits from a Change in the AWP Markup Ratio (09/09)

Exclusionary Practices in the Mail Order Pharmacy Market (09/05)

Quantifying Medco’s Business Model (04/05)

Estimating the Rebate-Retention Rate of Pharmacy Benefit Managers (04/03)

Walgreen’s Transparency Issue (11/03)


Published by Lawrence W. Abrams

Economist, Ph.D. WashU StL, B.A Amherst. I write at the intersection of economics, finance, accounting and high tech. I have been a critic of PBMs since 2003. I have received no remuneration writing these papers.