Abstract
Express Scripts, one of the three largest U.S. pharmacy benefit management (PBM) firms, has had one chief executive officer since its founding in the late 1980s. As Barrett Toan prepares to retire (he will remain as nonexecutive chairman), his company and other PBMs have moved onto center stage. The recent surge in drug spending has spawned great interest in PBMs' role, as well as controversy over PBMs' business practices. Implementation of the new Medicare prescription drug benefit depends heavily upon the capabilities that PBMs offer. Toan discusses these matters, plus expectations for the future of his industry-particularly opportunities associated with electronic prescribing.
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