Starting Up and Opening a New Specialty Pharmacy
Specialty pharmacy startups require both expertise and experience to result in a successful business operation. Similar in many respects to starting up a traditional retail pharmacy, specialty pharmacy start-ups have additional requirements that must be taken in consideration and present additional challenges in both the planning and the ongoing operations of the pharmacy. In addition to all the steps involved in the starting up and opening of a new pharmacy, there are numerous equipment, policies, procedures and ongoing operational considerations that must be dealt with.
With more and more pharmacies entering the specialty pharmacy market, many experts are wondering if the marketplace is becoming saturated. Associated with high cost medications and the historical domination of the Specialty Distributors (SD), the startup of a specialty pharmacy is becoming more complicated and challenging.
However, the starting up and opening of a specialty pharmacy is still considered to be a lucrative business venture. Specialty pharmacies have been designated by numerous industry experts as the fastest growing segment of the pharmacy industry. This is based on the number of new specialty pharmacies opening up nationally, plus the rise in the number of existing pharmacies expanding their operations via the addition of specialty pharmacy services. With a projected annual growth rate of about 20% per year, many entrepreneurs are investing in the continued success of specialty pharmacies as a lucrative business model. Most experts agree that the industry is still in its infancy as spending on specialty pharmacy drugs and services reached an estimated $87 billion in 2012. In 2014 alone, specialty pharmacies dispensed an estimated $78 billion in specialty pharmaceuticals. Although it is impossible to come up with the exact number of pharmacies dispensing specialty medications, estimates project that the total will quadruple by 2020, with spending reaching around $400 billion (or slightly less than 10% of the US health spending in total). Add in the fact that of the 27 new drugs approved in 2013 by the FDA, 14 were specialty medications and the result is that specialty pharmacies offer a lucrative return on investment if successful.
Are you considering opening or starting up a specialty pharmacy? Perhaps expanding or turning a portion of your existing pharmacy business into a specialty pharmacy? Let a nationally renowned Pharmacy Consulting firm like Healthcare Consultants help you get the most out of your investment and guide you through the entire process. Healthcare Consultants has helped plan and open more specialty pharmacies nationally than perhaps any other Pharmacy Consulting firm in the industry. Plus HCC offers the additional advantage of Pharmacy Staffing and Pharmacy Management, being in the business for over 28 years and being 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 Specialty Pharmacy marketplace. Contact us online or call us today at 800-642-1652 to discuss how we can help you.