Pharmacy Benefits Management (PBM) Cheat Sheet for Procurement

Find out 8 questions to ask and 12 terms to know when it comes to pharmacy benefits management and procurement.

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Understanding the basics when it comes to pharmacy benefits management (PBM) can be very beneficial to procurement managers trying to find cost savings in unfamiliar territory.

To help, we've created a helpful guide with key questions to ask and specific terms to know when you are starting conversations with your HR teammates.

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Jim Walters: Partner Manager at Corporate United
Jim built, implemented and now leads enhancements to a Supplier Relationship Management (SRM) program which caters to Corporate United’s top 10 partner relationships but scales to accommodate our entire partner base of 30+ supply partners. This program focuses on Risk Mitigation, Best-in-Class Program Development, Executive Stakeholder Alignment, and Program Goal & Objective Alignment. In addition to SRM program management, Jim manages two categories within our Human Resources vertical, Background Checks/Drug Screening (Sterling Talent Solutions) & Pharmacy Benefits (CVS Caremark), using the principle of Category Lifecycle Management (CLM).