How large is the specialty pharmacy market?
According to Renub Research Analysis, it is expected that United States Specialty Pharmaceutical Market will be US$ 387 Billion by 2026. The U.S. pharmaceutical market is divided into two types of drugs, majorly, i.e. Traditional Drugs and Speciality Drugs.
Why is specialty pharmacy growing?
The drivers of specialty pharmacy growth include new medications on the market, more chronic condition diagnosis (25-30 million Americans live with a rare disease), and hospital pharmacy expansions. As growth remains stable, these specialty pharmacy trends will impact it in various ways.
What is a specialty area of pharmacy?
Specialty pharmacy focuses on high cost, high touch medication therapy for patients with complex disease states. In this setting, pharmacists may work in a variety of areas including dispensing, medication therapy management, patient advocacy and therapy compliance.
What is so special about specialty pharmacy?
Specialty pharmacy is the fastest growing revenue and profit sector of pharmacy and differs in several areas from traditional ambulatory pharmacy practice. Health systems are well positioned to provide exceptional and seamless patient care while participating in this profitable area.
How many specialty drugs are on the market?
In 1990 there were 10 specialty drugs on the market, in the mid-1990s there were fewer than 30, by 2008 there were 200, and by 2015 there were 300. Drugs are often defined as specialty because their price is much higher than that of non-specialty drugs.
What is the best specialty pharmacy?
Below is a ranking of the top 15 pharmacies generating the most revenue from dispensing specialty pharmaceuticals in 2019, according to the Drug Channels Institute.
- CVS Specialty — $43.9 billion.
- Accredo/ Freedom Fertility — $32.1 billion.
- AllianceRx Walgreens Prime/ Walgreens stores — $21.2 billion.
What is a specialty pharmacy example?
Specialty Pharmacy Services Examples of such conditions include hemophilia, multiple sclerosis, HIV/AIDS, organ transplant, hepatitis C, infertility, growth hormone deficiency, Crohn’s disease, rheumatoid arthritis, and certain forms of cancer.
What services do specialty pharmacies provide?
Table 1.
| Size of institution or health system | Specialty pharmacy services provided |
|---|---|
| Large | Dispensing specialty pharmacy (ie, oncology, rheumatology, HIV/AIDS, hematology, hepatology), clinical pharmacy services, data reporting, limited-distribution drug access, manufacturer contracts |
What makes a specialty pharmacy?
NASP defines specialty pharmacy as “a state-licensed pharmacy that solely or largely provides only medications for people with serious health conditions requiring complex therapies. Specialty medications have a complex profile that require intensive patient management and, in some cases, special handling.
How are specialty drugs different from traditional drugs?
What is the difference between a traditional drug and a specialty drug? Traditional drugs are used to treat general health and chronic conditions, such as flu, diabetes or a common infection. Specialty drugs may be used to treat complex and rare diseases, such as cancer, multiple sclerosis and rheumatoid arthritis.
How many Speciality pharmacies are there?
As of 2018, there were more than 900 pharmacies with a specialty accreditation in the United States (URAC, Accreditation Commission for Health Care, or Center for Pharmacy Practice Accreditation).
Is there a specialty pharmacy report for 2019?
This year, as part of the 2019 Specialty Pharmacy Report, CSI Specialty Group set out to reveal key opinions, trends, and impacts on today’s specialty pharmaceutical market to help align and enlighten this continually pivoting industry.
What are the trends in the specialty pharmacy industry?
Specialty medicines have accelerated to the head of the pack to drive all spending growth in developed markets as non-specialty medication spending declines. Data and market trends suggest this shift will extend into 2019 and beyond, and the industry continues to prepare to embrace this evolving landscape.
Are there any health systems that offer specialty pharmacy?
Health systems continued in 2018 to integrate specialty pharmacy into their outpatient offerings.
As of now, 60% of the 508 new drugs awaiting approval from the U.S. Food and Drug Administration (FDA) between now and 2021 are specialty drugs.4 Specialty medicines have accelerated to the head of the pack to drive all spending growth in developed markets as non-specialty medication spending declines.