What the heck is a PBM, and why does it matter?

What the heck is a PBM, and why does it matter? 
Forbes; by Web Golinkin; 10/14/24
... [Pharmacy Benefit Managers] PBM Basics
Unless you are a healthcare industry insider—and even if you are— it’s difficult to understand exactly how PBMs work. While they are essentially invisible to the average health plan member, PBMs have a tremendous impact on which medications are covered, the prices paid for these medications, and how patients access them.
Here’s a summary of key PBM functions: Formulary Management. ... Negotiating Discounts and Rebates. ... Pharmacy Network Management. ... Claims Processing. ... Clinical Management. ... 
How PBMs Influence Drug Costs: Rebate System. ... High Deductible Health Plans. ... Prior Authorization and Step Therapy. ... Spread Pricing. ...
What Are the Alternatives? ...