The Growth of Specialty Pharmacy
Specialty pharmacy is an increasingly important part of the healthcare industry – now more than ever. Specialty pharmacies provide specialized medications and services for those with complex or chronic medical conditions, such as cancer, MS, and rheumatoid arthritis. They offer access to a broader range of medication options, providing patients with access to treatments that are not available at traditional pharmacies. Specialty pharmacies are also able to provide personalized care and support services, such as medication therapy management, medication adherence programs, and one-on-one consultations. These types of services make it easier for patients to manage their healthcare needs more effectively and access treatments that are tailored to their individual needs. Specialty pharmacy has continued to help improve patient outcomes and reduce costs for health systems, making it a rapidly growing component of the healthcare industry.
What Is Specialty Pharmacy?
Specialty pharmacy focuses on medications that require special handling or oversight, from distribution and storage to patient care. These medications include drugs designed to treat complex and chronic conditions, such as cancer, HIV/AIDS, rheumatoid arthritis, multiple sclerosis and certain forms of hepatitis. Specialty pharmacies have grown quickly, in part, due to their ability to manage complex medications more efficiently than traditional pharmacies. Specialty pharmacies employ a highly trained staff and team of pharmacists who understand the biological complexities of these medications and have the key skills necessary to help patients manage their health more effectively. For example, a specialty pharmacist can provide personalized counseling about your condition and its specific treatments, carefully monitor drug interactions between different medications, ensure you receive all needed refills on time and recommend lifestyle modifications that may improve your condition.
Specialty pharmacies also provide access to financial assistance programs and disease management support services—all things that are increasingly important in helping patients maintain good overall health with their chronic conditions.
Specialty Pharmacy Services and Products
The specialty pharmacy market is fueled by a growing demand for new treatments for patients with chronic or life-threatening illnesses. This has led to an increase in medications that require special handling, as well as a highly personalized approach to patient care that most retail pharmacies are not equipped to provide.
Specialty pharmacies provide:
- Limited Distribution Drugs
- Advanced counseling services
- Comprehensive medication reviews
- Special packaging technologies
- Proactive adherence programs
- Patient support services
- Innovative disease management programs
This provides customers with the care they need while ensuring their safety and satisfaction.
The Role of Specialty Pharmacy in the Healthcare System
Specialty pharmacies specialize in medications for chronic, complex and rare conditions, and through careful management of prescription drugs and collaborative efforts with other healthcare providers, they can reduce costs while ensuring that patients receive the best care possible. Specialty pharmacies provide added value to both providers and patients. For healthcare providers, they offer value-added services such as medication education, drug management tools, comprehensive cost savings programs, and even patient advocacy services. For patients, they bring personalized care—working with them one-on-one to provide the best treatment options available and support through their treatment journey.
The role of specialty pharmacy is also changing as technology advances. Today, specialty pharmacies are utilizing special technologies to help tackle clinical challenges such as medication adherence issues, clinical trial management, medical device tracking, and more—all resulting in improved patient outcomes.
The Impact of Specialty Pharmacy on Patient Care
Specialty pharmacies are part of a growing industry that focuses on providing personalized and comprehensive care to those with serious or complex diseases. Specialty pharmacy provides an opportunity for patients and healthcare providers to access the most innovative treatments available.
These pharmacies take a multi-faceted approach to ensure the highest quality care, including:
- Establishing relationships between specialty distributors, physicians, and payers
- Enhancing adherence to prescribed medications through patient education and support
- Improving medication management through comprehensive assessments of individual medication regimens
The impact of specialty pharmacies on patient care is significant, as they offer more personalized attention, more supportive services, and more convenient delivery options compared to traditional pharmacies. Furthermore, research shows that specialty pharmacy care leads to better health outcomes for patients due to improved medication adherence and better-coordinated care.
Growing Opportunities for Specialty Pharmacy
Another contributing factor to the growth of specialty pharmacy is the move away from traditional, one-size-fits-all pharmacy practices to a more tailored approach to patient care. Specialty pharmacists are also able to upgrade their skills and gain more advanced experience in the pharmacy industry.
Here are some of the growing opportunities in specialty pharmacy:
- Working with specific drug therapies such as biologic agents, injectable drugs, and immunomodulators used in chronic conditions
- Developing disease management programs with patient goals such as minimizing side effects or disease progression
- Implementing personalized medication therapy management (MTM) services based on individual patient needs such as assistance with medication adherence or providing clinical advice
- Advising high-risk patients on how to minimize potential risks related to medication changes or interactions
- Assessing patients’ insurance coverage and navigating benefit plans with providers
- Educating patients on therapeutic options, including prescription drugs, over-the-counter medications, lifestyle modifications, and other nonpharmacological treatments
Specialty pharmacies are providing cost-effective and comprehensive care to patients, with an emphasis on personalized support. This level of personalized care opens doors for pharmacists, organizations, and health systems to expand services and extend the reach of specialty medications to more patients. With the ability to develop new services and partnerships within the healthcare landscape, the specialty pharmacy industry is poised to continue its upward trajectory.
PFSP Specialty Pharmacy provides patients and their physicians an exceptionally high standard of care with our growing team of specialized pharmacists and staff. Our dedicated team of pharmacists focus on improving adherence for patients and work to find an approach that works best for them. Bringing a fresh take on what a Specialty Pharmacy can and should be, we are committed to the care of our patients. We take pride in being an ethical resource within our community and strive each day to help our patients live enriching and full lives.