Specialty pharmacy is constantly the largest opportunity for health systems for a few years.
The specialty medicines market is expected to grow by 8% per year till 2025.
The increase in specialty medicine prices and the specialty medicine consumers are the driving factors of this constant growth.
As health systems realize the benefits of integrated specialty medicine programs, more organizations are leveraging this model as an exclusive or preferred pharmacy choice for their employees.
National Pharmacy Benefit Managers (PBMs) and payers are utilizing this module to provide better patient care at low costs.
The Significance of Specialty Medicines in the US
The specialty medicines market is driven by new-to-market drugs along with the wide user base of existing therapeutics.
The market is expected to reach $118 Billion by 2025, out of which $62 Billion is anticipated to account for new products.
According to a report by American Hospital Association, Americans with chronic medical conditions will grow by 9% between 2020 and 2030.
This means, there will be an increase of 14 million people.
The number of Americans with diabetes is expected to see a rise of more than 50% between 2010 and 2050.
Moreover, the US population is aging.
The Impact of Specialty Medicines on Pharmacy Drug Trends and Spend
Though only 2% of the US population uses specialty medicines, it accounts for 51% of the total pharmacy spending.
As specialty medicines impact the drug trend the most, addressing the cost of it is crucial.
At a member level, plan sponsors observe an average annual cost of $38,000 to cover the specialty medicines cost.
While for non-specialty patients’ costs, they just need to cover $492.
Resulting in 75x more expenditures to cover the specialty medicines in a year.
Due to the COVID-19 outburst, many cancer screenings were declined including mammography by 87%, pap smears by 83%, and colonoscopies by 90%.
The numbers signify the patients that would need specialty medicines in the upcoming future resulting in driving the specialty medicines trend high.
How can you get Specialty Medicines at a Low-Cost for your Pharmacy in the US?
According to a report, approximately 66% of the US population takes at least one or more prescription drugs.
The percentage of people taking four or more medications daily has increased by 6%.
The specialty medicines market is going to see a boost in the upcoming future and so are the prices.
The Build Back Better plan by the US government has introduced a drug price legislation that may serve as a framework for future bills.
From 2025, the Centers for Medicare and Medicaid Services (CMS) will have the ability to negotiate directly with drug manufacturers on selected drugs.
On implementation, this could reduce the prices of specialty medicines by 5-10% per year.
As the specialty medicines consuming population is increasing rapidly in the US, the pharmacies will require to build a solution that can get them these medicines at a low cost.
We’ve found a way for you to do just that.
Specialty medicines pharmacy partners
Getting in touch with an international specialty medicines supplier will help you get the medications at a lower cost when compared to the US pharmacies.
You will just have to integrate your pharmacy software with your partner pharmacy software and you’ll get all your orders rolling.
2 Major Benefits of Using International Pharmacy Partners for Specialty Medicines
How can we assist you?
Recently, we got a requirement from a startup to build a one-stop software solution for managing pharmacy partners.
They wanted the solution to access and control all the specialty medicines and their details along with the reports where they can track the expenses and the profit margin.
We developed the software and provided an exclusive set of features to them.
Let us list the features for you.
- Automated refill order reminders
- Automated refills
- Automated prescription renewal reminders
- Integration with the PBMs and international partner software
- Automated order placement in the international partner software
- Automated updates of the tracking details
- Limited medication visibility
- Automated emails and notification alerts from your pharmacy
- Order sets for specific requirements
- Reports of the saved costs
- No limitation on the number of partner pharmacies
- Customizable discount rates for each partner pharmacy
And that is not the best part yet.
You can get it customized as per your pharmacy needs.
We can help you in building a similar solution for managing your pharmacy partners and getting specialty medicines at a lower price.
But why should you trust us? Let us introduce ourselves.
Who are we?
We’re an Ontario-based healthcare IT industry.
What makes us special is we’re dedicated solely to the healthcare industry.
With 8+ years of experience in the healthcare industry, we can proudly say that we understand everything about your healthcare tech, business, and compliance needs.
If you want to build such an effective pharmacy solution for managing your pharmacy partners, hit the contact button.
Our team will reach out to you as soon as possible and we can discuss how we can help you with your health tech needs.
We even help our clients with the integration process of their PBMs with their partners’ PBMs.
Let’s have a productive discussion.