Making the effort to understand a PBM partner's business model is essential because it affects all other pharmacy benefit decisions available to an employer group. Image: Shutterstock)

Prior to the COVID-19 pandemic rattling the economy, data from the National Pharmaceutical Council showed that 63% of employers felt that pharmacy benefit managers (PBMs) are not transparent. With many companies looking to better manage expenses and ensure affordable access to prescriptions in today's uncertain landscape, it's more important than ever for benefits professionals to work with a transparent partner and find ways to reduce prescription drug costs for their employees.

Although "transparency" is a widely used term across the PBM industry, varying definitions of this buzzword, as well as hidden costs and missing data, can skew PBM evaluations and cause employers to pay too much for their pharmacy benefits.

Related: Resolving to control drug costs: Your PBM contract really matters