Infusion Pharmacy
Infusion pharmacies are being seen as perhaps the most lucrative type of specialty pharmacy to startup in the near future. Also frequently called IV infusion pharmacies or home infusion pharmacies, several recent studies are projecting enormous growth in the industry. What may be of critical importance is the fact that the rapid and continuous growth projections are not only for the immediate future, but well into the next decade.The field of home IV and infusion therapy has exploded recently for many reasons, but perhaps four primary reasons are all that's needed to make our point clear:1. New technology has led the way to ensuring both effective and safe delivery and administration of intravenous medications to patients in their homes.2. The ever expanding geriatric population that home infusion therapy is used to treat.3. The large numbers of chronic diseases that home IV therapy treatment is useful and safe in treating.4. The staggering rise in the number of patients who get hospital acquired infections (HAIs) each year in the United States. In fact, the latest estimates released by the CDC (Centers for Disease Control and Prevention) show that an estimated ten percent (10%) of all hospitalized patients had a documented nosocomial infection in 20017 that resulted in nearly 100,000 deaths, plus a healthcare cost of over twenty billion dollars.
Projected Growth for Home Infusion Therapy
What recently got a lot of pharmacist's attention was a report released in December of 2017 by Zion Medical Research regarding the size of the home infusion therapy market. They divided the home therapy into the following categories:- Antibiotics (plus any related anti-infective treatments)- Chemotherapy treatments- Hydration therapy- Enteral nutrition- Parenteral nutrition- Endocrinology medications- Others (like immunoglobulin as an example)The results revealed that although antibiotics were number still ranked as number one for market share, the four following specialties were the fastest growing medication areas:1. Chemotherapy2. Enteral nutrition3. Parenteral nutrition4. Pain managementWhat was key though, were the actual numbers in regards to the revenue generated by the home IV and infusion therapy market. The report documented that over $15 billion dollars of revenue was spent on home infusion in 2016. Perhaps more astonishing was the projection that this would increase to approximately $28 billion dollars in 2021. Additionally, the report estimated that the market was projected to expand by a compound annual growth rate (CAGR) of over ten percent from 2018 to 2022 (estimated at 10.6%).Of interest to many is the geographical breakdown of the home infusion therapy market. Perhaps not a surprise to some experts was the fact that by far the Southern US states dominated the marketplace as measured by utilization. The sunbelt states accounted for just under thirty-four percent (34%) of the total revenue spent on home IV and infusion in 2017. This was followed by the Midwest US states who accounted approximately twenty percent (20%) of all home infusion therapy for 2017. To many this trend represented that these were more rural areas than the Northeast US states, where larger urban medical centers are more commonly found.
Home Infusion Pharmacy Startups
Starting up and opening of a home IV infusion pharmacy is obviously considered to be a lucrative business venture. Numerous industry experts point out the fact that these home infusion pharmacies are quite simply a subset of the specialty pharmacy startup "explosion" that's been occurring on a national level. Industry analysts also point out that with an expected growth rate of approximately twenty percent (20%) every year, upwards of $400 billion dollars spent on specialty pharmacy medications and drugs is not that far fetched of a projection. That would actually equate into almost ten percent (10%) of the entire money that is spent on healthcare in the United States annually. The bottom line is that the growing market being acquired by home infusion pharmacies is offering entrepreneurs an attractive return on investment if successful. Additionally, many existing pharmacies are increasingly adding home IV and infusion pharmacies into their list of services.
About Healthcare Consultants Staffing and Pharmacy Consulting
Healthcare Consultants has helped plan and open more specialty pharmacies including home IV and infusion pharmacies, than perhaps any other consulting firm in the industry. Being in the business for over 28 years now, HCC is recognized as one of the premier Pharmacy Consulting agencies in the nation. With a proven track record and a history of success, HCC can plan and execute a strategy to help you be successful in the home infusion pharmacy marketplace. Contact us online or call us today at 800-642-1652 to discuss how we can help you.