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According to the latest report by IMARC Group, titled Pharmacy Benefit Management Market : Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026 , the global pharmacy benefit market grew at a CAGR of around 6% during 2015-2020. Pharmacy benefit management (PBM) is a system wherein a third-party administrator manages prescription drug programs on behalf of health insurers, pharmacies, drug manufacturers, etc. PBM performs significant operations, including retail pharmacy services, drug formulary management, disease management services, benefit plan design and consultation, financing and setting dispensing policies, etc. This system also conducts generic drug substitution along with negotiating drug rebates with manufacturers and pharmacies.