Trends in Profitability and Compensation of PBMs and PBM Contracting Entities
September 18, 2023![](https://nephronresearch.com/wp-content/uploads/2023/09/Trends-in-Profitability.jpg)
Nephron Research analysis of the primary sources of pharmacy benefit manager (PBM) profitability finds a significant shift over the last decade. While the value of rebates paid to PBMs continues to grow, fees and specialty pharmacy now drive a greater share of PBM profits, with estimated PBM profits derived from fees increasing fourfold and specialty pharmacy more than doubling since 2012 .