Skip to content

Comprehensive Software Solution for Specialty Medicines Handling

According to the Centers for Medicare & Medicaid Services, healthcare spending is expected to reach $6 trillion by 2027.

However, there are 4 areas where you can save costs.

  • Avoidable ED visits
  • Hospital prices
  • Specialty Rx
  • High-value physicians

The Reason behind the Hike in Specialty Medicines Prices

Since 2013, an average increase of 14% is observed in the per capita spending on administered specialty medicines.

For a few specialty medicines, treatment at home is more fruitful than in the hospital environment.

The benefits include

  • Improved mental and physical patient well-being
  • Reduced work schedules disruptions
  • Low chance of adverse drug events

Administrating specialty drugs outside hospitals improves care and reduces costs by $4 billion each year.

Specialty medicines are a key driver of the recent hike in healthcare costs.

They are the fastest-growing cost areas of pharmacy spending.

Another reason for the increased costs of specialty medicines is that the US pays more than other countries when it comes to pharmaceuticals.

Reasons why the US pays more than other tier-1 countries for pharmacy medicines

According to a study, the prices of commonly prescribed medicines in the US were 5 – 117% higher than in other tier-1 countries.

Patented brand-name drugs cost 18% lower in Japan while cancer medicine prices are 20 – 40% lower in Europe.

The causes contributing to the price hike in the US are:

Lack of a central negotiating authority

In Canada and European countries, the government takes responsibility for the transaction with pharmaceutical companies.

As there is a ban on federally required formula, the federal government cannot negotiate prices for anyone other than the military veterans and Medicaid beneficiaries.

Access to all approved drugs/medicines

The US healthcare system and the public prioritizes accessibility for coverage to all FDA-approved medicines to treat a condition.

While other countries limit access to some specialty medicines and provide them only when there’s an urgent requirement.

Numerous Links in the Pharmacy Supply Chain

Once the drug manufacturers have set the list price, the pharmacy supply chain includes wholesalers, PBMs, physicians & hospitals, and retail & mail-order pharmacies.

The list price does not cover the fees for the additional areas. They are negotiated and acquired by the PBMs.

Generally, these amounts include

  • Rebates
  • Formulary administration fees
  • Price protection
  • Purchasing discounts
  • Group purchasing organization fees.

This practice can exacerbate the lack of transparency and the potential for an increase in cost that supplant the incremental value added to the downstream supply chain.

Benefits vs. Cost of New Treatments

Biotech and Pharmaceutical industries are experiencing significant growth due to the recently launched new treatments.

Though these new therapies are effective, they cost quite a fortune. Some of the examples are as follows:


A new gene therapy that treats people with inherited vision loss.

The treatment of both eyes with this therapy will cost $850,000

CAR T-cell therapy

It is an immunotherapy aimed at certain cancer patients.

The approved specialty medicines for this therapy range from $475,000 to $1,500,000 per patient

Thousands of dollars are spent every month on specialty medicines for autoimmune conditions like rheumatoid arthritis, MS, and Crohn’s disease.

Treatments for dermatological issues and high cholesterol diseases have contributed to the increase in cost for both health insurers and patients.

The introduction of such specialty medicines is significantly contributing to unit cost inflation.

2 Key Ways to Address the Specialty Medicines Pricing & Handling

1. Speciality Medicine Imports

One of the major ways to reduce the cost of specialty medicines is to purchase prescribed specialty medicines from outside the US.

As the prices are significantly lower than that in the US.

Though the importation has its own share of risks, the patients will get the required medicines on time.

The issue of availability will be solved with this method.

2. Negotiating & Regulating the prices

The federal government is not allowed to directly negotiate with the drug manufacturers under the Medicare Part D program.

The Medicare Part D program is one of the largest users of medications.

Taking advantage of this, the government is trying to lower prescription drug costs by wringing out better pricing and higher rebates.

How can take advantage of these benefits and Handle Specialty Medicines with our Software Solution?

We have developed a software solution that can be a one-stop solution for you to get every information related to your pharmacy.

If you have strong international connections, it’s the best time to leverage and we’ll integrate your pharmacy software with your pharmacy partners’ for seamless communication (advantage 1).

The best part of the solution is that there’s no limit on adding pharmacy partners.

You can even negotiate and set different rates for the specialty medicines and you can add the decided percentage in the software.

The software will add the discounted amount on the selected specialty medicines on its own (advantage 2).

This solution comes with a feature set that allows you to manage your workflow, pharmacy partners, and get reports of the pharmacy costs.

If you want to customize the solution according to your workflow then, we’ll do it for you.

5 Beneficial Features of the Software for Your Pharmacy

1. Automated Prescription Renewal Reminders

Similar to refill order reminders, this feature sends automated reminders to customers when their prescriptions are due for renewal.

It helps patients stay on top of their medication needs and facilitates timely prescription renewals.

2. Automated Refills

With this feature, the software can automatically initiate prescription refills based on predefined criteria or customer preferences.

It streamlines the refill process by eliminating the need for manual intervention.

3. Order sets for specific requirements

This feature allows the creation of predefined order sets tailored to specific requirements.

It simplifies the ordering process by grouping commonly prescribed medications or medical supplies, saving time and ensuring accuracy.

4. Unlimited number of partner pharmacies

This feature allows the software to collaborate with multiple partner pharmacies without imposing a limit on the number of partners.

It supports scalability and flexibility in working with a diverse network of pharmacy providers.

5. Customizable discount rates for each partner pharmacy

This feature enables the pharmacy to set customizable discount rates for different partner pharmacies.

It facilitates negotiations and agreements based on specific partnerships, allowing for flexibility in pricing and promotions.

Upscale your pharmacy business, leave the tech part for us!

We’re an Ontario-based healthcare-specific IT industry.

We’re working solely in this field for more than 8 years.

Yes, we only accept projects that are related to the healthcare industry.

With the experience of working in the same field for years, our team has become healthcare experts.

We have developed more than 60 projects that are in compliance with healthcare regulations and satisfy the business and tech needs of the clients.

If you are looking to upscale your pharmacy business with tech solutions then, hit the contact button.

Let’s discuss how we can help you achieve your business, tech, and compliance goals with our solutions.