• Open up New Markets Regardless of your pharmacy practice area, you have likely heard the terms specialty pharmacy and specialty pharmaceuticals. to Avail deep insights of Global Specialty Pharmaceutical Market Size, competition landscape is provided i.e. The industry growth outlook is captured by ensuring ongoing process improvements of players and optimal strategies taken up by companies to fight COVID-19 Situation. The American Journal of Pharmacy Benefits. … ~7,000 diseases affecting less than 200,000 people) and complex diseases (e.g. 3 Specialty drug manufacturers and payers need to partner with pharmacies that can ensure a consistent … Exclusive specialty channel management offers insurers better utilization control and spend, as well as clinical program quality and oversight, resulting in improved outcomes for specialty … Early buyers will get 10% customization on study. Specialty Pharmacy Growth The number and cost of specialty pharmaceuticals continue to draw the attention of the health care community as providers, payers, and patients work to assess and manage the expense of these medications. Specialty pharmacy growth is outpacing traditional product growth and currently accounts for 49% of total non-discounted spending in the pharmacy space, according to a presentation by Doug Long, vice president of Industry Relations at IQVIA, during the National Association of Specialty Pharmacy (NASP) Annual Meeting and Expo 2020. From this understanding of the forces driving the market, the analyst team prepares its strategic recommendations. Top revenue growth rates of private specialty pharmacies U.S. 2015-2018 Revenue of top growing private specialty pharmacies in U.S. 2018 Chile: number of pharmacies 2005-2015, by type With the continued growth of specialty pharmacy services, the industry is seeing a major trend in health systems and integrated delivery networks (IDNs) joining the ranks of providers. We estimate that in 2016, retail, mail, long-term care, and specialty pharmacies dispensed about $115 billion in specialty pharmaceuticals. In the second half of 2018, the FDA approved 21 … Although specialty medicines were only 2.2% of prescription volume in 2018, revenue grew at 5.7% and at a 4.2% compound annual growth rate (CAGR) since 2013, according to a May 2019 report from the IQVIA Institute for Human Data Science. Growth for this segment of the healthcare industry is undeniable, and specialty pharmacies will begin to see much more competition in the coming years and should begin positioning themselves for success early to capitalize on the expected gains in their market over the next decade. Longer-term, the effect of … The number of specialty drugs entering the market will continue to grow in 2019, along with the price of each new drug. Thanks for reading this article; you can also get individual chapter wise section or region wise report version like GCC, Australia, LATAM, North America, Europe or Asia. • Middle East & Africa (GCC, South Africa, Kenya, North Africa, RoMEA) {Market Revenue (USD Billion), Growth Share (%) and Opportunity Analysis} By 2018, specialty drugs are expect-ed to account for half of the total drug spend in the United States. Each company’s revenue figures, Y-o-Y growth rate and gross & operating margin is provided in easy to understand tabular format for past 5 years and a separate section on recent development like mergers & acquisition, patent approval and new launch etc. The major players are focusing highly on innovation in technologies to improving efficiency level. All health systems utilize internal resources at the hospital for this work, rather than contracting external resources. Expert panelists review the causes, diagnostic work-up, management, and emerging therapies inherent in the evolving paradigm of irritable bowel syndrome. We give this scenario a XX% probability, where under the scenario the supply chain will start to recover and quarantines and travel bans will ease, over the Q2. Specialty drugs — often described as “prescription drugs that are difficult to manufacture and require special handling or administration, have limited distribution, target a narrow group of chronic diseases, are costly, and require ongoing clinical support — will drive nearly all of the pharmaceutical industry’s market growth from 2015–2020. The growth in health system-based specialty pharmacies has been buoyed by the double-digit annual rates of growth in specialty drug costs, coupled with an increasing number of health systems bearing the liability for the high-risk patient populations they serve. Pharmacy Growth Strategies. Specialty drugs currently represent 39% of the overall pharmacy benefit spend, but the authors project that specialty drug costs will grow to 48% by 2020. The Analysis report titled “Specialty Pharmacy Services Market 2027” highly demonstrates the current Specialty Pharmacy Services market analysis scenario, impending future opportunities, revenue growth, pricing and profitability of the industry. Ignite your pharmacy business with the most innovative growth strategies and ideas that produce real results. There is increased focus on SDoH among specialty pharmaceutical manufacturers seeking commercialization opportunities as the year-over-year growth in specialty drug revenue and new drug applications for specialty therapeutics at the FDA signals a fast-growth industry trend toward specialty drugs, Manufacturers now take into account the social risk factors that … Innovations in drug discovery, drug delivery systems, advanced monitoring techniques and informatics have all increased the need for advanced training in specialty pharmacy. Ignite your pharmacy business with the most innovative growth strategies and ideas that produce real results. We have identified 15 specialty pharmacies on the 2017 list, which is based upon revenue growth from 2013 to 2016. Specialty drugs accounted for 28% of the pharmacy industry’s prescription dispensing revenues. Our understanding of the interplay between industry convergence, Mega Trends, technologies and market trends provides our clients with new business models and expansion opportunities. By the most conservative estimates of global Specialty Pharmacy Services market size (most likely outcome) will be a year-over-year revenue growth rate of XX% in 2020, from US$ xx million in 2019. Ultimately, it’s that market wisdom, beyond the market data and forecasts, which is the most valuable component of HTF MI market research studies and provides our clientele with the greatest competitive edge with top level quality standards. Payers, providers, and health systems themselves are increasingly recognizing the important role integrated delivery solutions play in value-based care initiatives. This trend is not expected to change, especially given the metrics related to this practice category. 1) Specialty drugs continue to drive the pharmacy and PBM industries, though growth is slowing. High touch refers to higher degree of complexity in terms of distribution, administration, or patient management which drives up the cost of the drugs. Research shows integrated health system specialty pharmacies improve adherence and patient outcomes, yet health systems face challenges to entry and barriers to specialty pharmacy growth. HTF Market Report is a wholly owned brand of HTF market Intelligence Consulting Private Limited. 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