Pharmacy Benefit Managers (PBMs) are companies that act as intermediaries between health insurance plans and pharmacies. They help manage prescription drug benefits for health plans, negotiating prices with drug manufacturers and pharmacies to lower costs for patients. By doing this, PBMs aim to make medications more affordable and accessible for those who need them. In addition to negotiating prices, PBMs also create lists of covered medications, known as formularies, which guide doctors and patients on which drugs are available under their insurance plans. This process helps streamline the prescription process and ensures that patients receive the most cost-effective treatments for their conditions.