Danzon, Patricia M2023-05-222023-05-222015-06-012018-06-21https://repository.upenn.edu/handle/20.500.14332/2627The market-based US health care system relies on pharmacy benefit managers (PBMs) to control pharmaceutical costs, in contrast to most other countries that regulate drug prices and access. Optimal strucuturing and regulation of PBM contracts poses significant agency challenges for private and public payers. However, recent reporting requirements for PBMs may be counterproductive and reflect the interests of competitors rather than customers.This is an Accepted Manuscript of an article published by Taylor & Francis in the International Journal of the Economics of Business on June 26, 2015, available online: http://dx.doi.org/10.1080/13571516.2015.1045741pharmaceuticalspharmacy benefit managementinsurancetransparencyregulationAmerican PoliticsBusiness Administration, Management, and OperationsBusiness Law, Public Responsibility, and EthicsHealth and Medical AdministrationHealth PolicyInsuranceOrganizational Behavior and TheoryPharmacoeconomics and Pharmaceutical EconomicsPharmacy Administration, Policy and RegulationReport