The Future of Specialty Pharmacy

Growth in Specialty Pharmacy: Navigating the Future of Distribution

Understanding Specialty Pharmacy

The practice of specialty pharmacy is increasing, but what exactly does it mean?

Any drug can be considered “special” due to its complicated interactions with the human body. However, advanced technology drives drug development into a new domain.

New “specialty drugs” treat rare diseases, but they come with high costs, varying drug formulations, strict stability rules, and increased patient monitoring.

In fact, many community pharmacies do not have the ability, capacity, or personnel to dispense specialty medications.

That’s where specialty pharmacies come in, equipped to handle the storage, shipping, counseling, pricing, and insurance claims surrounding specialty drugs.

Specialty Pharmacy Market Growth

According to the Assistant Secretary for Planning and Evaluation, specialty pharmacy drug spending has increased by 43% from 2016 to 2021, reaching a total of $301 billion. However, only 2% of the population utilizes these medications, demonstrating the cost involved with specialty drugs.

The number of specialty drug prescriptions being filled in a non-retail pharmacy setting has increased by 40%, illustrating the growing importance of specialty pharmacies.

Specialty pharmacy has experienced significant growth in the last 10 years and is predicted to continue growing by 8% annually through 2025. Read more >