Survey: 87% of Employers Likely to Switch PBMs at Renewal
Birmingham, Ala. – October 12, 2026 -- Eighty-seven percent of employers say they are likely to switch their pharmacy benefit manager (PBM) at contract renewal, according to a new RxBenefits report that describes the most unsettled pharmacy benefits market in years.
The report, "2026 State of Pharmacy Benefits Decisions: The Churn Trap," draws on survey data fielded by FTI Consulting on behalf of RxBenefits. It covers 601 employers and 300 employee benefits consultants and advisors, all with decision-making authority over pharmacy benefits.
Three in four employers have changed or plan to change advisors within 12 months
Three out of four employers have replaced their pharmacy benefits advisor in the past 12 months or plan to do so in the next 12 months. RxBenefits says the advisor relationships and vendor arrangements that once anchored pharmacy decisions are losing their hold.