J.P. 摩根-美股-医疗科技行业-药品福利管理：最新PBM调查要点-2019.12.11.pdfVIP

North America Equity Research 11 December 2019 Pharmacy Benefit Management Takeaways from Our Latest Proprietary PBM Survey We have conducted our 26th proprietary survey of HR executives at large employers Healthcare Technology across the U.S., helping us to gain a better understanding of the current thoughts on Distribution key themes and trends related to pharmacy benefits. These responses build on Lisa C. Gill AC extensive industry knowledge gleaned from various companies, consultants and (1-212) 622-6466 customers, as well as prior survey work conducted twice annually since 2007, lisa.c.gill@ allowing us to evaluate key trends over time. We highlight key takeaways below and Bloomberg JPMA GILL GO discuss in greater detail in the report. We will host a call at 11am ET today, which Michael Minchak, CFA will include a brief discussion of the findings and a roundtable discussion with benefit (1-212) 622-6506 manager participants (contact your JPM salesperson for details). michael.minchak@ Anne E. Samuel  Broader Implications: While sentiment around the PBMs space remains weak, the (1-212) 622-4163 survey results again present a challenging dichotomy, with 98% overall satisfaction anne.e.samuel@ and stable to improving service levels, while