Are you considering opening or starting a Specialty Pharmacy? Or perhaps turning a portion of your existing Pharmacy business into a Specialty Pharmacy? 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 25 years and being recognized as one of the premier Pharmacy Staffing agencies in the nation.
Specialty Pharmacies have been documented in a recent study by the Academy of Managed Care Pharmacy (AMCP) as the fastest growing segment of new pharmacies opened. Add to that a projected growth rate of about 20% per year. Yet the industry is still in its infancy according to several experts. Spending on specialty pharmacy & services was almost $87 billion in 2012. However, Drug Channels estimated that last year, “retail, mail, and specialty pharmacies dispensed about $78 billion in specialty pharmaceuticals.” Estimates project that this will quadruple by 2020, with spending reaching around $400 billion (or slightly less than 10% of 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 we are seeing what is equivalent to a “Specialty Pharmacy Gold Rush”
It is important to note that there are many different types of Specialty Pharmacies. Just a partial list includes:
– Compounding pharmacies
– Hospice pharmacies
– Respiratory pharmacies
– Oncology pharmacies
– Nuclear pharmacies
– IV and infusion pharmacies
– Cystic fibrosis pharmacies
An analysis in 2012 by United Healthcare reveals that about 51 percent of spending on specialty drugs is for cancer, rheumatoid arthritis, and multiple sclerosis. These are followed by HIV, hepatitis C, respiratory conditions, anticoagulants, growth deficiency, and transplants.
How a pharmacy chooses to get into the specialty pharmacy market is an investment decision. While more and more pharmacies are entering the specialty pharmacy market, the market is not without its challenges. Let a nationally renowned Pharmacy Consulting firm like Healthcare Consultants help you get the most out of your investment. With a proven track record and a history of success, HCC can plan and execute a strategy to win in the Specialty Pharmacy arena. Contact us on line or call us today for a Free Consultation at 800-642-1652 to discuss how we can help you.