Competition is on the rise and so are new therapies, software, and generics. How can specialty pharmacies keep track of and prepare for current and future challenges in such a dynamic market?
MHA Specialty Pharmacy Solutions (MHA SPS) monitors and gathers insights into the trends unfolding across the specialty landscape. Leveraging these insights, we create solutions and services designed to deliver excellent value to stakeholders.
Our services include contracting, clinical services and education, software solutions, data collection and reporting, and association and strategic partnerships. Our services and solutions do not com- pete with specialty pharmacies. Instead, through MHA SPS, pharmacy members gain access to tools and resources needed to build efficient businesses, manage costs, and boost the bottom line.
MHA SPS also keeps close watch over evolving trends to help members navigate the complex specialty landscape. The following are our insights on four key trends, based on market observations and input collected from members, business partners, and other stakeholders:
Infusion services and specialty pharmacy converging
FDA approvals of new infusion therapies for amyotrophic lateral sclerosis, gout, inflammatory, and other conditions have opened up new opportunities for specialty pharmacy services to branch out into infusion services—and vice versa.
MHA SPS has extensive experience in both the infusion and specialty markets, and has observed the convergence of these two areas for years, along with the opportunities and challenges this convergence creates. This comprehensive knowledge and a consultative approach enable us to provide pharmacies with the resources and tools required to grow their business across both markets. Examples include clinical and market education, product information, disease state management guidelines, and accreditation resources.
Our leaders also actively participate in leading associations that support the specialty field, such as the National Association of Specialty Pharmacy and the National Home Infusion Association. This involvement ensures that we are tapped into the issues and opportunities that are top of mind for members and partners.
Patient engagement: a core demand, enabled by software
Increasingly, payers and regulators require evidence that specialty drugs deliver the best outcomes for patients and add value to the health care system. MHA SPS offers a growing portfolio of tools and software that equip pharmacies and business partners with actionable intelligence that can support better care for patients requiring specialty therapy.
One such solution is MHA’s SPS Clinical Therapy ManagementTM (CTM), a patient management software application that gives pharmacists a clinical support pathway to help them engage and clinically manage their patients.
powered by Citus Health is another example of our commitment to providing software solutions that help pharmacies build business efficiencies. This secure, HIPAA-compliant automated workflow and patient support platform improves operational performance and streamlines communications with patients, caregivers, and referral sources.
Since 2015, the number of pharmacies with specialty pharmacy accreditation has grown by 46%.1
Multiple factors fuel this explosion, including the growing number of treatments moving through manufacturers’ pipelines and the increas- ing number of patients diagnosed and treated for specialty disease states. According to a recent PhRMA report, manufacturers are investing $75 billion per year to bring new therapies to mar- ket.2 Clearly, the market is expanding, and competition is too.
We offer a comprehensive portfolio of services and solutions to help members stay competitive. For example, multiple data-driven, outcomes-based and flexible contracting solutions benefit both pharmacies and manufacturers. In total, the MHA SPS contract portfolio includes more than 100 specialty products across more than 16 therapeutic areas to help MHA members compete in the specialty space.
Growth of specialty generics
Many large specialty drugs will lose patent exclusivity in the next few years. Meanwhile, payers continue to look for ways to manage health care costs, and generics offer an attractive option. With this context, it’s no surprise that manufacturers are expected to invest more than $100 billion in the development of generic specialty drugs over the next five years, potentially driving the global specialty generics market to nearly $175 billion by 2025.3
To remain competitive, specialty pharmacies must have access to competitive pricing for the growing number of generics. MHA SPS has a strong track record of helping members achieve that access. We have successfully executed multiple specialty generics contracts and consistently monitor manufacturers’ pipelines and portfolios to stay informed about new generics on the horizon.
“Partnering with an experienced, dedicated health care services and software partner can help pharmacies navigate evolving trends and thrive,” said Edward Izbicki, Jr, senior vice president, Alternate Site Division at MHA. “We believe our resources, track record and dedication to enable the success of our members make us a compelling choice.”
To explore how we can assist you, visit www.mhainc.com or email email@example.com.
1. Exclusive: A Record Number of Specialty Pharmacies Now Have Accreditation. Drug Channels. https://www.drugchannels.net/2018/04/exclusive-record-number-of-specialty.html
2. The Pharmaceutical Research and Manufacturers of America. The Biopharmaceutical Pipeline: Innovative Therapies in Clinical Development. http://phrma-docs.phrma.org/files/dmfile/PhRMA_Biopharma_ExecutiveSummary_FINAL.pdf
3 Trends and Opportunities in Specialty Pharmacy. Flatworld Solutions. https://www.flatworldsolutions.com/healthcare/articles/specialty-pharmacy-trends-opportunities.php