In which step of selecting a PBM vendor does the phrase "Who is watching the watcher" apply?

The phrase "Who is watching the watcher" is most relevant in the second step of selecting a PBM (Pharmacy Benefit Manager) vendor, which typically involves the evaluation and oversight of the chosen vendor’s performance and compliance. This step is critical because it reflects the need for accountability and ensures that the PBM is fulfilling its obligations effectively, providing the necessary services, and managing the benefits appropriately.

In this stage, it is essential to monitor how the PBM operates, including its claims processing, formulary management, and cost control measures. The oversight mechanism typically involves establishing key performance indicators (KPIs) and regular reporting to ensure that the PBM's actions align with the intended goals of the pharmacy benefit program. Thus, the phrase emphasizes the importance of having a structure in place to supervise and assess the vendor's functionality, ensuring transparency and effectiveness in the management of pharmacy benefits.