Satisfaction with pharmacy benefit managers (PBM) has sunk to the lowest level in nearly a decade, a new industry report has found.

The 2023 Pharmacy Benefit Manager Customer Satisfaction Report, released by the Pharmaceutical Strategies Group (PSG), is in its 26th year, and this year's report sampled 229 benefits leaders from employers, health plans, health systems, and unions. The data for the 2023 report was collected in 2022.

Mike Lonergan, president of PSG, suggested that market consolidation may be adding to the declining public perception of PBMs. "This is an industry in which three PBMs command nearly 80% of the market share," he said. "Diminishing satisfaction with these goliaths may create avenues of potential growth for competitors, who have higher customer satisfaction across multiple metrics. These insights are important as plan sponsors weigh their options in selecting their PBM partners."