With the explosive growth in the specialty pharmacy market, new players entering the field create unique challenges for pharmacies who wish to stand out above the crowd. In this issue of Specialty Pharmacy Times®, we offer insight into just how pharmacies can truly succeed in setting themselves apart and demonstrate what makes a specialty pharmacy, special.
One trend we’re watching is with limited-distribution drugs growing in prominence, carrying high price tags, complexity in use, and small patient populations. These account for approximately one-quarter of specialty drugs, with a projected 80% of future drug launches also expected to be limited-distribution. With specialty industry revenue projected to reach $228 billion and exceed 50% of the overall drug market within the next 5 years, access to limited distribution drugs is more important than ever.
As a result, pharmacies need to prepare themselves for limited-distribution opportunities. How to accomplish this is a significant challenge that will be addressed in this issue by Cheryl Allen, BS Pharm, MBA, vice president of industry relations at Diplomat, in her article, “Seven Essentials to Position Specialty Pharmacies for Limited-Distribution Agents,” on page 38. As Allen notes, national accreditation for the specialty pharmacy is the new standard for accessing limited-distribution specialty drugs, with most manufacturers now requiring at least 2 accreditations to gain access.
In light of the prominence of accreditation, we’ll highlight the latest trends in this area to help forward-thinking pharmacies stay ahead of the game in the highly competitive landscape of limited-distribution. Quintin Jessee, RPh, offers an update on how to best align with current accreditation standards and the financial benefits of doing so on page 33. As Jesse points out in his article, these standards help organizations effectively implement industry best practices and solutions required for network contracts.
In order to show your organization’s value, above all else, pharmacies need to present effective clinical management to get access to limited distribution products. Because accreditation standards vary from organization to organization, specialty service providers must remain on the forefront of the latest trends to fuel future development and opportunities. The best way to do so is not only in this journal, but on our daily news website, www.SpecialtyPharmacyTimes.com, and in our e-newsletters.
Sign up at www.specialtypharmacytimes.com/link/1306, to stay at ahead of the curve in specialty pharmacy. â—†
Thank you for reading.
Mike Hennessy, Sr
Chairman & CEO