A Connecticut consulting firm that audits pharmacy benefit managers has relocated its headquarters to a significantly larger office in Shelton as it plans to expand its workforce amid rising demand from employers and labor groups.
PBIRx said it has relocated its main office into a 10,000-square-foot office at 3 Corporate Drive, in Shelton, from a prior 2,200-square-foot headquarters in Milford. The company will lease the new office space for 10 years.
“We had people anywhere we could fit them in our previous location,” spokeswoman Angela Cross said. “We had outgrown the space.”
The company began moving 20 employees into the new headquarters this week, Cross said. Another 15 employees work remotely from locations around the country.
Founded in 1993, PBIRx provides independent auditing and consulting services related to pharmacy benefit managers, which administer prescription drug plans for employers, unions and other organizations. Pharmacy costs can account for as much as 40% of total healthcare spending, according to the company.
PBIRx plans to increase its staff by about 50% as demand grows for independent reviews of pharmacy benefit contracts and pricing structures. The firm has grown by roughly 25% annually over the past three years, it said.
“We’re seeing increased demand from various employers, employee benefit brokers, and unions, who have experienced the value in partnering with PBIRx, as their independent pharmacy benefit consulting company to address the need for independent verification of their pharmacy spending,” said Patricia Sirowich, who founded PBIRx in 1993. “The complexity of PBM contracts and pricing structures has also made auditing a higher priority for benefits teams.”
