What is pharmacy benefit manager in SAP CRM-IPH - Pharmaceuticals?

SAP Term: pharmacy benefit manager

• Component: CRM-IPH

• Component Name: Pharmaceuticals

• Description: A buying group that designs, manages, or controls the drug benefits within its member plans. Plans refer to a non-purchasing healthcare provider who influences sales, reimburses, or prescribes products, for example, health maintenance organization - HMO.

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• Key Concepts: 
  A pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs for commercial health plans, self-insured employer plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), and state government employee plans. PBMs are responsible for developing and maintaining the formulary, contracting with pharmacies, negotiating discounts and rebates with drug manufacturers, and processing and paying prescription drug claims. 
  
  How to use it: 
  The CRM-IPH Pharmaceuticals component of SAP provides a comprehensive suite of tools to help PBMs manage their operations. It includes features such as claims processing, formulary management, pharmacy network management, rebate management, and analytics. It also provides tools to help PBMs manage their relationships with drug manufacturers, pharmacies, and other stakeholders. 
  
  Tips & Tricks: 
  When using the CRM-IPH Pharmaceuticals component of SAP, it is important to ensure that all data is accurate and up-to-date. This will help ensure that the PBM is able to accurately process claims and negotiate the best discounts and rebates with drug manufacturers. Additionally, it is important to regularly review the formulary to ensure that it is in compliance with applicable regulations. 
  
  Related Information: 
  For more information on the CRM-IPH Pharmaceuticals component of SAP, please visit the SAP website at https://www.sap.com/products/crm-iph-pharmaceuticals.html. Additionally, there are a number of resources available online that provide detailed information on how to use the component effectively.