AH050 - PBM Pain Points and Overcoming the Fear of Change, with Hope Nakazato, PharmD

On this 50th episode of the Astonishing Healthcare podcast, Capital Rx Vice President of Business Development Hope Nakazato, PharmD, joins Justin Venneri to discuss her observations, based on diverse industry experience, about the three most common friction points between plan sponsors and pharmacy benefit managers (PBMs): lack of execution, poor communication, and inflexibility. So, why have plan sponsors dealt with the status quo and rising costs for so long? Great question.Hope uses the book, "Who Moved My Cheese?", by Dr. Spencer Johnson, to explain the fear of change, as well as three things people can look for in a true partner who will work with them in a collaborative and generally supportive way. If a new PBM or other vendor is aligned, consistent, and future-proof, change won't be as scary as it may seem, and plan sponsors can make more strategic decisions benefiting the plan and its members. Hope also shares the advice she'd give her younger self, as well as the most astonishing thing she's seen over the years (hint: it relates to drug prices).Related ContentCapital Rx Adds More than 80 New Partnerships in 2024 and Eyes Another Year of Record Growth in 2025Pharmacy Benefit Procurement: How to Ensure That Savings MaterializeReplay: 5 Ways to Improve Your PBM Procurement Process In 2024 (stay tuned for the 2025 edition!)5 Recommendations for an Optimal PBM Deal (free eBook)Please visit Capital Rx Insights for more information, including this episode's transcript!