The promising outlook on specialty drug growth and profitability is attracting new competitors to the market. According to Matthew Panos, Program Manager of Retail Specialty Solutions at McKesson, “Patients who take specialty medications typically have three to 11 additional prescriptions, making them valuable patients."
"Many larger chain pharmacies are already in the space and a growing number of health systems are also hoping to secure a piece of the market. As the number of players grows, industry experts say payer networks and limited distribution networks are shrinking. Those pharmacies that aren’t already in the space—whether independent or smaller chain stores—may want to move fast before the opportunities vanish."
How can pharmacies establish a presence in the specialty market? Here are a few methods:
- Complete the specialty pharmacy accreditation process
- Find unmet community needs and define a market
- Focus on patient management and delivering excellent care
- Concisely and honestly communicate about services
- Be consistent with marketing messages
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