Trends in Specialty Pharmacy
What are the trends in specialty pharmacy? What to expect in the following period? Let’s see some insightful information from the industry.
The specialty pharmacy industry is booming. It is expected that by 2020 almost half of the revenues in the pharmacy industry will come from specialty drugs. Thus, it is really important to acknowledge the trends and look at some insightful data.
According to an Express Scripts forecast, the specialty pharmacy industry will continue to grow at an annual rate of 21-22% for the next 3 years. That just describes the growth and meaning of the specialty pharmacy.
More and More Accreditations for Specialty Pharmacy industry
Accreditations are increasing. Currently, almost 400 pharmacy locations across the US have specialty pharmacy accreditation, and the numbers are still growing.
The growing number of accreditation requests will eventually increase the needed metrics and requirements for future pharmacies.
Thus, any pharmacy that plans to get the specialty drugs accreditation should carefully read the requirements and follow all news at the Utilization Review Accreditation Commission and the Accreditation Commission for Health Care.
Hospital and Health Systems Will Continue to Struggle
In reality, hospitals and health systems can do much better job in care coordination and make use of all specialty pharmacy benefits. But the latest reports show that in practice the struggles will continue to persist.
There are ongoing battles of control between several players in the industry over the specialty patient. These institutions are still lacking focus and capabilities to become true specialty pharmacies.
However, the opportunity for capturing some of the revenue related to specialty pharmaceuticals is here only if these systems become specialty pharmacy provider.
Although health systems were late in the game, they still have access to a large pharmacy distribution channel that they can make use of!
They continue to have the advantage because the process of consuming and dispensing specialty drugs involves one-on-one patient care. The care is needed possible side effects and ensuring proper compliance with the standard protocols.
Wholesalers are facing real problems with profitability
Although the specialty pharmacy is booming, the growth and profitability are still not satisfactory for the distribution intermediaries.
The continuous pressure on the wholesalers and the reason that the specialty products sales are shifting into the largest specialty pharmacies are causing a real problem.
These huge pharmacies are the wholesalers’ least profitable customers, and that is why the growth and profitability problems continue to persist.
The Training of Dispensing Specialty Drugs is Still Needed
We all know that the dispensing of specialty drugs requires special training of the pharmacists.
This training continues to be needed, now, more than ever, because it is part of the special pharmacy accreditation.
The training will continue to be needed as the special pharmacy is growing and the need for special handling and unique inventory practices for the specialty drugs will keep this training mandatory for a long time.
With the growth in usage, accreditations and specialty pharmacies the Specialty Pharmacy industry will continue to be of amazing importance. Experts are saying that the specialty pharmacy is the new pharmacy, and this couldn’t be far from the truth.
Specialty Drugs,Specialty Pharmacy