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Historically, a pharmacy benefit manager (PBM) is a third-party administrator of prescription. drug programs. PBMs are primarily responsible for developing and maintaining the. formulary, contracting with pharmacies, negotiating discounts and rebates with drug. manufacturers, and processing and paying prescription drug claims.
â¢ PB (noun). The noun PB has 1 sense: 1. a soft heavy toxic malleable metallic element; bluish white when freshly cut but tarnishes readily to dull grey. Familiarity information: PB used as a noun is very rare. PB (noun). The noun PB has 1 sense: 1. a soft heavy toxic malleable metallic element; bluish white when freshly cut but tarnishes readily to dull grey. Familiarity information: PB used as a noun is very rare.