Industry Reports

The 2026 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers

By Adam J. Fein, Ph.D. and the Drug Channels Institute team · 566-page PDF · March 2026

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This year’s reports

Every year, Drug Channels Institute publishes economic reports with fact-based analyses of key drug channel participants — available as downloadable PDFs.

  • Released March 2026

    The 2026 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers

    The most comprehensive, fact-based analysis of the evolving drug channels within the U.S. healthcare system — pharmacies, PBMs, patients’ costs, and the money that changes hands at each step.

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  • Forthcoming October 2026

    The 2026-27 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors

    The most comprehensive tool for analyzing the economic and business realities of the U.S. pharmaceutical distribution industry.

    Read more

Previous editions

Earlier years of the same two studies. Open an edition to read it, or ask DCI to compare a chapter across years.

Pharmacies and Pharmacy Benefit Managers

  • Released March 2025

    The 2025 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers

    The prior edition of the flagship pharmacies and PBM study — 540+ pages on dispensing, reimbursement, and PBM economics.

    View report
  • Released March 2024

    The 2024 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers

    The 2024 edition of the pharmacies and PBM report, covering the year GLP-1s began to dominate retail growth.

    View report
  • Released March 2023

    The 2023 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers

    The 2023 edition — the last full year before IRA negotiation began to rewrite Part D economics.

    View report

Wholesalers and Specialty Distributors

  • Released October 2025

    The 2025-26 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors

    How the Big Three and specialty distributors make money — and what compressed margins mean for manufacturers.

    View report
  • Released October 2024

    The 2024-25 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors

    The 2024-25 wholesaler edition — 178 exhibits on the Big Three, specialty distributors, and manufacturer services.

    View report
  • Released October 2023

    The 2023-24 Economic Report on Pharmaceutical Wholesalers and Specialty Distributors

    The 2023-24 edition of the distribution report, written as specialty mix began to replace traditional spread.

    View report