Negotiating contracts with third party administrators of prescription drug programs known as pharmacy benefits managers can be a difficult and confusing process, and it's made all the more challenging when employers don't have all the information they need upfront.

Like in any negotiation, more information available to the buyer creates the best chance of ensuring a fair, transparent deal. In pharmacy benefits management, PBMs have reaped the benefits of contract negotiations for years to increase their bottom line. Now, there's a new tool available to employers to level the playing field.

The contract negotiating tool, produced by Pharmacists United for Truth and Transparency  with research contributions from the Harrison Institute for Public Law at Georgetown University, offers an in-depth look at the complexity of negotiating pharmacy benefits and includes information on the role of PBMs, common problems employers face, definitions of industry jargon, and information on rebates, verification and plan services. More information about the tool is available online at www.truthrx.org.