Final answer:
The prescription-drug portion of an insurance program is administered by a Pharmacy Benefit Manager (PBM). PBMs negotiate pricing, formularies, and handle tasks like contracting with pharmacies and processing claims.
Step-by-step explanation:
The prescription-drug portion of an insurance program is administered by a Pharmacy Benefit Manager (PBM). PBMs are third-party administrators who work with insurers to negotiate pricing, formularies, and provide prescription drug benefits. They handle tasks such as contracting with pharmacies, processing claims, and managing drug utilization.
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