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:
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:
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
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
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.