Finding ways to improve access of patients to the right drugs is crucial. If you want to know what’s in store for special pharmacies, here are a few things to know:
More approval for specialty drugs
In recent years, there has been a marked increase in U.S. Regulatory Approvals of specialty drugs. In 2014, the approval rate was about 27 for specialty drugs, while it was only 24 for traditional drugs, says the Academy of Managed Care Pharmacy.
Upward trend will continue
The trend for specialty drugs will continue. Approvals were at 50 percent in 2015 and are projected to grow by as much as 25 percent for 1H16. With these approvals come with more drug spending for specialty drugs, with already 700 more in development.
Value-based reimbursement methodologies
Value-based models have a huge impact on the level and quality of patient care specialty practices can provide. With trends in specialty reimbursement showing a transition to value-based reimbursement models, organizations must learn to adapt to these systems. If you want to make sure your pharmaceutical business continues to enjoy success, you’ll need to make the transition to these models as well. Find out how. Partnering with a market insight provider can be a crucial step in knowing where to optimize the clinical as well as the business value of the services you provide.
Rising costs and reimbursement pressure
One of the trends in specialty reimbursement today point to how value-based models are putting a cap on reimbursement. As a result, specialty practices must find better ways to reduce operational expenses. Partnering with the right market insight provider can easily make this happen. With the right insights, specialty practices can pinpoint weaknesses in their processes and find ways to correct them. This helps in the company’s cost-savings measures. It also allows for the creation of better marketing strategies and plans to ensure greater ROI and results.