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How much do pharmacy benefit manager jobs pay per hour?

As of Aug 14, 2026, the average hourly pay for pharmacy benefit manager in Renton, WA is $21.79, according to ZipRecruiter salary data. Most workers in this role earn between $21.25 and $22.31 per hour, depending on experience, location, and employer.

What are some common challenges faced by pharmacy benefit managers when negotiating with pharmaceutical manufacturers and pharmacies?

Pharmacy Benefit Managers (PBMs) often navigate complex negotiations with both pharmaceutical manufacturers and pharmacy networks to secure favorable pricing and formulary placement. A key challenge is balancing cost savings for clients while ensuring access to necessary medications for members. PBMs must also stay updated on regulatory changes and manage potential conflicts of interest, all while maintaining transparent relationships with stakeholders. Successfully addressing these challenges requires strong analytical, negotiation, and communication skills, as well as a deep understanding of the pharmaceutical landscape.

What are the key skills and qualifications needed to thrive as a pharmacy benefit manager?

To excel as a Pharmacy Benefit Manager (PBM), you need a robust understanding of pharmacy operations, healthcare regulations, and pharmacy benefit plan design, typically supported by a degree in pharmacy, healthcare administration, or a related field. Familiarity with pharmacy claims adjudication systems, data analytics tools, and compliance software is commonly required. Strong negotiation, analytical thinking, and relationship management skills help PBMs navigate partnerships with pharmacies, insurers, and clients. These competencies ensure cost-effective, compliant, and efficient management of prescription drug benefits for diverse populations.

What is the difference between Pharmacy Benefit Manager vs Pharmacist?

AspectPharmacy Benefit ManagerPharmacist
CredentialsTypically requires a bachelor's degree in health administration, pharmacy, or related field; certifications varyRequires a Doctor of Pharmacy (Pharm.D.) degree and licensure
Work EnvironmentCorporate offices, insurance companies, healthcare plansCommunity pharmacies, hospitals, clinics
Industry UsageHealth insurance, pharmacy benefit management companiesRetail pharmacy, hospital pharmacy
Primary FocusManaging prescription drug benefits, formulary management, cost controlDispensing medications, patient counseling, medication management

While Pharmacy Benefit Managers focus on managing prescription benefits and controlling costs for insurance providers, pharmacists are healthcare professionals who dispense medications and provide patient care. Both roles are essential in the pharmacy industry but serve different functions within the healthcare system.

What does a pharmacy benefit manager do?

A pharmacy benefit manager (PBM) is a healthcare professional or company that administers prescription drug plans for health insurers, employers, and government programs. They negotiate with drug manufacturers, develop formularies, process claims, and work to control drug costs and improve medication access. PBMs often use data analysis and industry knowledge to optimize pharmacy benefits and ensure efficient medication management.
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Pharmacy Benefit Manager jobs near you
Infographic showing various Pharmacy Benefit Manager job openings in Renton, WA as of August 2026, with employment types broken down into 1% As Needed, 84% Full Time, 14% Part Time, and 1% Contract. Highlights an 93% Physical, 2% Hybrid, and 5% Remote job distribution, with an average salary of $45,317 per year, or $21.8 per hour.

Associate Pharmacy Benefit Consultant

Rael & Letson

Seattle, WA • Remote

$120K - $155K/yr

Full-time

Medical, Dental, Vision, Life, Retirement

Re-posted 8 days ago

Job description

About Us:

Rael & Letson is an independent employee benefits consulting and actuarial services firm. We serve as a trusted advisor to multiemployer and other retirement and health plans, helping bring high quality benefits to working people. We partner with our clients to design, implement, evaluate and communicate innovative and cost-effective benefit programs customized to their unique needs.

Responsibilities:

The Associate Pharmacy Benefit Consultant provides pharmacy benefit oversight and Pharmacy Benefit Management (PBM) industry expertise, including plan design, PBM procurement, claims and pricing audits, contractual review, rebate auditing, and guidance on pharmacy matters such as formulary structure and new drugs to market. The Consultant communicates and resolves pharmacy issues for clients, often in coordination with the Health & Welfare Consultant to the client.

Support pharmacy benefit consulting activities, including:

  • Preparing, conducting, and analyzing PBM RFPs, including specialty carve-out vendors as requested
  • Performing audits of pharmacy benefit management contracts and pharmacy benefits using PBM claims data
  • Participating in and supporting clients’ financial recovery efforts
  • Reviewing PBM pricing, rebates, performance guarantees, plan design, claim eligibility, and other features impacting plan and participant costs
  • Advising clients and colleagues on pharmacy matters, emerging market developments, formulary structure, and new drugs to market

Support PBM contract strategy and client issue resolution, including:

  • Clearly defining ambiguous contract terms to help achieve more competitive market terms and rates
  • Negotiating favorable and transparent contract terms with PBMs
  • Reviewing contract terms for compliance with plan requirements and client expectations
  • Communicating complex pharmacy benefit issues clearly and resolving client questions in collaboration with the Health & Welfare consulting team
  • Building productive relationships with PBMs, vendors, clients, and internal colleagues

Professional and firm development, including:

  • Providing guidance and mentorship to colleagues
  • Participating in training and professional development to further pharmacy benefit and PBM expertise
  • Contributing to Health & Welfare Practice and firm initiatives as needed
  • Supporting special projects or assignments related to pharmacy benefits and PBM consulting

Necessary Skills and Attributes:

  • Strong PBM industry knowledge, including pharmacy benefit oversight, plan design, PBM procurement, claim auditing, pricing audits, rebate auditing, and contractual review
  • Ability to advise clients on pharmacy matters, including formulary structure and new drugs to market
  • Entrepreneurial team player who can multitask and work independently
  • Engaged, flexible, collaborative, and proactive, with the ability to positively impact strategic and tactical initiatives
  • Excellent communication, judgment, creative problem-solving, negotiation, and conflict resolution skills
  • Ability to operate as an effective tactical and strategic thinker
  • Ability to work in a fast-paced environment, manage multiple priorities, and maintain a high level of accuracy and productivity
  • Strong written, verbal, interpersonal, and presentation skills
  • Computer / software skills: Strong proficiency with general Office software such as Word, Excel, PowerPoint, Outlook, SharePoint, Teams
Preferred Education and Experience:
  • Work Experience: Minimum of 5 years of experience in Pharmacy Benefit Management as an Account Executive, Account Manager, or Clinical support, including auditing PBM contracts and pharmacy benefits
  • Education: Business, Science, Communication, or Math degree
Location and Travel:
  • This Pharmacy Benefit Consultant position may be based in Seattle, Washington or Southern California, with flexibility to work remotely much of the time. Some travel is required, up to approximately 30%, including overnight travel to client meetings within the Western U.S.
Company Culture:

We are a friendly, professional team and are open to flexible work arrangements (including working from home and some schedule flexibility), as long as business needs are covered.

At Rael & Letson, we are committed to a culture of diversity and inclusiveness, as demonstrated through our recruitment, retention, and employee development programs. We maintain an environment that respects and builds on the assets and talents of each person, valuing their unique backgrounds including - but not limited to - gender and gender identity, race, ethnicity, sexual orientation, disability status, veteran status, age, and religion. Fostering a diverse and inclusive environment is critical to our success, allows us to attract and retain the best talent and enables us to support one another’s professional success.

Total Comp and Benefits:

In addition to competitive base pay, this position is eligible for our annual bonus program.

We are proud to offer excellent benefits including a 401k with a 5% company contribution, available medical, dental, vision, life and disability coverage, ESOP, generous time off, and more.