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.