Compounding Pharmacies Market Caters To Key Regional Health Care Issues
Pharmacists can leverage patient medical history for formulating effective drugs, and patients can also benefit from single dosage, greater efficacy, and affordability of compounded medications.
With more full-service facilities providing customized medication, the global compounding pharmacies market forecast is expected to remain optimistic over the next few years. Amidst a global backlash against soaring drug prices, numerous hospitals worldwide have been starting their own pharmacies, with significant aid from government authorities.
For example, the Dutch government, has been backing the efforts of specialized compounding pharmacies, which have been striving to curb rapidly growing medicine costs throughout the nation.1 Developing economies are also on the same path. For instance, the Indian Union Ministry will fund the medical university PGI Chandigarh’s own pharmacy, which will offer approximately 40% discounts on MRP of medicines, according to recent reports.2
Today, legacy pharma brands have been the key providers of drugs and medical supplies. As bringing down prescription prices has become a top priority, the Belgian government has been supporting the practice of compounding via rigorous testing and laboratory accreditations. According to the European Association of Hospital Pharmacists (EAHP), there are approximately 163 hospital pharmacies in the nation, strengthening Belgium compounding pharmacies industry outlook.3
These patient-oriented pharmacies are equipped with professional and knowledgeable staff, who have been helping patients with their queries. The number of individuals opting for these custom solutions has grown over the past couple of years because:
- These pharmacists accept most types of insurances.
- They offer specialized services, including refills, at competitive prices.
- They can ensure a 90-day supply of medications under some plans.
- Orders placed via phone, website, or in-person are delivered on time at the doorstep.
More patients to opt for compounded ophthalmic eye drops in Africa
African countries are prime markets for pharmaceutical companies. South Africa compounded ophthalmic pharmacies industry will grow, owing to the high prevalence of eye conditions among men, women, and children in the region.
Compounded eye drops are considered a great alternative for a certain category of patients who have been on chronic therapies for glaucoma or dry eye because of their cost effectiveness, regulatory compliance, and overall efficiency. For instance, compounded cyclosporine can be a good option for patients who cannot afford other immunomodulators for dry eye.
African countries, including Nigeria and Ghana, have a significant eye disease burden, calling for immediate attention as well as action. The regional governments have been addressing this public health problem by implementing numerous plans and programs.
To cite an instance, the government of South Africa observed the World Glaucoma Week between March 6 and 12, 2022, a joint program between the World Glaucoma Patient Association and the World Glaucoma Association.4 The initiative, taking place for over 10 years now, is aimed at spreading awareness regarding the condition and carrying out screening events at local hospitals.
Numerous ophthalmologists across the globe have already been prescribing compounded drops for dry eye and glaucoma because of the ease of regimen management involving multiple drops. Administering a single drop is much more convenient, especially for aging patients, who may miss their dosage due to more complicated instructions. Several compounding pharmacies in South Africa have been providing fast delivery and excellent customer service with online order placement.
High incidence of attention-deficit/hyperactivity disorder (ADHD) in Nordic countries to strengthen demand for pediatric compounds
The European pediatric compounding pharmacy market share is increasing due to the rising awareness regarding the risk of drug allergies among children. Pediatric compounding formulas are available in various child-friendly forms, including syrups, suspensions, freezer pops, lollipops, and gummy bears, facilitating easier medication administration in children. Bespoke medication makers have been catering to the needs of children who have difficulty with speech, cognitive functions, or swallowing tablets.
Children suffering from sensory processing disorders can have autism, fragile X syndrome, or ADHD. As these children often have reactions to medicines, including vomiting and gagging, compounding pharmacists can alleviate these problems by suiting to their individual tastes and textures.
The local sterile compounding pharmacies industry has been catering to the needs of children with food allergies because several commercially available syrups contain sorbitol or corn syrup, which triggers an allergic reaction in some children. According to the Asthma and Allergy Foundation of America, nearly 5.6 million children have food allergies in the United States alone.5
With the incidence of ADHD rising amongst the Nordic countries, the industry share for Swedish compounding pharmacies is growing. According to the estimates published by the University of Gothenburg, ADHD is one of the most common conditions in regional adolescent and child psychiatry. Estimates suggest that the condition affects approximately 3%-5%of children attending school in the Nordic region.6
Growing availability of anti-cancer compounds in France
Rising incidence of cancer across European countries has been a key reason for the increasing awareness regarding the advantages of personalized medicine. In fact, the European compounding pharmacies industry size was expected to hit a 5.2% CAGR over 2020-2026.7
Since ensuring accessibility to high-value medicines to the right patients has been a key challenge for the health care sector, regional hospitals have been offering diversified chemotherapy preparations compounded at hospital pharmacies.
France is a promising market for compounded oncology drugs. In December 2021, Saint Camille Hospital in Bry Sur Marne placed an order for standalone devices for compounding from Pharmacolog SARL.8
From January 2022, the hospital pharmacy has been deploying the DrugLog product for enhanced quality control of cytotoxic preparations. The system will help the staff minimize errors associated with compounding. With more hospitals following suit, access to compounded anticancer drugs is increasing in France.
Overall, the past few years have brought significant transformation in the global personalized medicine industry. Not only can pharmacists now leverage the patient’s medical history for formulating effective drugs, but patients can also benefit from single dosage, greater efficacy, and affordability of compounded medications.
With industry participants strengthening their expertise and geographical reach, the global specialty compounding pharmacies market offers an emergent and exciting opportunity to improve compliance among patients suffering from a host of eye, dermatological, and chronic conditions.
- Toby Sterling, Reuters. ‘Dutch join backlash at expensive drugs by making their own’. www.reuters.com. Published March 8, 2019. https://www.reuters.com/article/us-netherlands-pharmaceuticals-insight-idUSKCN1QP0M4
- Shimona Kanwar, The Times of India. ‘After much delay, PGI set to start own pharmacy’. www.timesofindia.indiatimes.com. Updated May 23, 2022. https://timesofindia.indiatimes.com/city/chandigarh/after-much-delay-pgi-set-to-start-own-pharmacy/articleshow/91730396.cms
- European Association of Hospital Pharmacists (EAHP). ‘Belgian association of hospital pharmacists’. www.eahp.eu. Updated March 7, 2019. https://www.eahp.eu/members/belgium
- South African Government. ‘World Glaucoma Week 2022’. www.gov.za. https://www.gov.za/WorldGlaucomaWeek2022
- Asthma and Allergy Foundation of America (AAFA). ‘Allergy facts and figures’. www.aafa.org. Published February 2018. Updated April 2022. https://www.aafa.org/allergy-facts/.
- University of Gothenburg. ‘A complete overview of ADHD’. www.gu.se. https://www.gu.se/en/gnc/adhd-attention-deficithyperactivity-disorder
- Graphical Research. ‘Europe compounding pharmacies market’. www.graphicalresearch.com. Published January 2021.https://www.graphicalresearch.com/industry-insights/1601/europe-compounding-pharmacies-market
- News by Cision. ‘Hospital Saint Camille in France orders DrugLog’. www.news.cision.com. Published December 8, 2021. https://news.cision.com/pharmacolog/r/hopital-saint-camille-in-france-orders-druglog,c3468129