Required fields are marked *. Revenue increase overall ranking has deteriorated compare to previous … When it comes to biosimilars, 64% of payers stated that the price of the biosimilar most impacted reimbursement decisions. They want to know how payers are paying PBMs, and they want to know how PBMs are paying everyone else. The top pharmacy trends for 2020 and the year that was The end of 2019 is just right around the corner and people are already looking forward to what the top pharmacy trends for 2020 are. Prior to joining McKesson, Eyad worked at Super-Pharm, the largest retail pharmacy chain in Israel, and oversaw the operations of one of their leading drug store branches. Consumers realize they can have it all. However, as concerns over cost and other operational issues continue to grow, other stakeholders are scrutinizing how PBMs operate. When you combine pharmacy benefit with medical benefit spend, you get what we like to call big ‘T’ Trend. Pharma Marketing Trends Expected to Evolve in 2019. Releases Pharmaceutical Retail Market : Across all lines of business (LOB), more than 90% of total drug spend on the medical benefit … 'Next-door health care' use will rise. Long term, it means you should get more involved with your state and national pharmacy associations to seek relief from some of these PBM practices. Emerging oncology treatments, particularly immunotherapy, are a major medical pharmacy trend driver. But on the other hand, as these national healthcare entities get bigger and want to extend their reach even further, they may need your pharmacy in their network. They may need your pharmacy to guarantee access to pharmacy services for their enrollees. That will mean investing in technologies and services to meet and exceed those expectations outside of your four walls. McKesson’s 2019 Health System Pharmacy Trends. Chris Dimos, president of retail solutions at McKesson, recently identified six trends in the pharmacy industry. The number of billion-dollar drugs in 2017 was 34 and is projected to grow 26% to 43 drugs by 2022. For more in-depth analysis on the latest in medical pharmacy trend and spend, watch our on-demand webinar! Think about mobile apps that let patients fill their prescriptions or remind them to take their drugs. The Zacks Retail - Pharmacies and Drug Stores industry essentially includes retailing of a range of prescription and over-the-counter medications. In Medicare, oncology and oncology-support drugs accounted for 58% ($30.17) of the medical benefit drug PMPM spend. Eyad Farah is the VP/GM for Health Mart Atlas, McKesson’s Pharmacy Services Administrative Organization (PSAO), which offers industry leading centralized managed care solutions for independent and small medium chain pharmacies. McKesson’s experts uncover the top 5 pharmacy trends to impact independent pharmacies in 2019. Factor products to treat hemophilia demonstrated the highest trend in both commercial (62%) and Medicare (185%), ranking #5 and #6, respectively. Retailers should stay ahead of the changes driving the marketplace in 2019. Health plans adjust your payment rates based on how well you meet performance measures. Chimeric antigen receptor (CAR) T cell gene therapies are predicted to grow 530% by the year 2022. 5 Pharmacy Trends to Watch in 2019 2 years ago • Add Comment • by Donna Bliss Health-system pharmacies could see more opportunities for revenue recovery in 2019, as well as increased transparency and access to care for patients. And they’re finding new ways to make pharmacy services more convenient, especially when it comes to filling prescriptions. Reducing the Impact of DIR Fees on Pharmacies, The Right PSAO Partner Can Enhance Your Independent Pharmacy's Performance, Five Steps to Improve Your Independent Pharmacy's Performance, Business Consulting & Revenue Cycle Analytics, Oncology EHR, Regimen Support & Analytics, pharmacy services administration organization, managed care contracting services for independent pharmacies. That’s also a good thing for your pharmacy because now you can begin to follow the money and start to see how much is going to your pharmacy. Now we’re starting to see a shift to outcome-based reimbursement models. PBMs will be under pressure in 2019 as the industry seeks to increase price transparency and lower patient costs. https://www.mckesson.com/blog/top-5-independent-pharmacy-trends-2019 As it becomes clear how little is actually going to independent pharmacies that care for patients, that can drive a different conversation with regulators. Gross Margin Comment: Pharmacy Services & Retail Drugstore Industry 's Gross Margin sequentially deteriorated to 8.93 % due to increase in Cost of Sales and despite Revenue increase of 6.52 %. In the recent years, pharma marketing trends have shown a splurge of technologies such as automated machine systems, artificial intelligence and much more. Pharmacist jobs at hospitals, physician offices, and other non-retail settings will outpace growth at retail outpatient settings. Consequently, this study relied on a compilation of third-party data sets, government and industry reports, and survey findings relate… It is then up to you to optimize each patient visit to your store. Pharmacy Services & Retail Drugstore Industry 's Gross Margin in 3 Q 2020 was lower than Industry average. I think we’re going to continue to see mega deals that result in vertical integration, strategic alliances and partnerships across the pharmaceutical supply chain that create new ways of delivering and paying for care. The US remains – by quite a large percentage – the world’s largest market for over-the-counter and prescription medication: it is a territory where companies can make huge profits due to the lack of regulation regarding pricing … That could mean anything from providing reimbursable clinical services to making more front-end sales. Consumer. Patients want health care closer to them, and health … In the last several years, payment models have been evolving and will create new revenue opportunities in 2019. That sentiment connects the top five trends we think will have the biggest impact on how you run your pharmacy this year. On the trailing twelve months basis gross margin in 3 Q 2020 fell to 9.27 … For 2018, U.S. government data show that the average gross base salary for a pharmacist at a retail, mail, long-term care, and specialty pharmacy exceeded $123,000—up slightly from the 2017 figure. Roadblocks to Achieving Provider Status. The top five drugs in commercial (Remicade, Neulasta, Rituxan, Herceptin, and Avastin) have remained consistent over the last nine years of reporting. Within Retail sector 6 other industries have achieved higher Revenue growth. Disruptive innovation is happening all around your pharmacy, and we believe it will continue to challenge traditional business models in 2019. In the world of pharmacy, 49 drugs entered the market, 1 including the gene therapy Zolgensma ®, the most expensive single-dose drug ever, with a list price of $2.1 million! As a drug makes its way to a patient, transactions occur among these stakeholders at numerous points, with no single source of information available to study the entire process. He spent two years as the VP of Business Development & Strategy for AccessHealth and was responsible for the long-term strategy and business development opportunities. Revenue growth Comment: Pharmacy Services & Retail Drugstore Industry 's pace of Revenue growth in 3 Q 2020 accelerated to 5.38 % year on year, but remained below Industry average. Get the latest news and trending insights sent straight to your inbox. Understanding pharmacy trend is important for developing robust, cost-saving specialty drug management strategies. That's why we developed three comprehensive reports that dive deep into current trends. 5 Pharmacy Trends to Watch in 2019 1 year ago • Add Comment • by Donna Bliss Health-system pharmacies could see more opportunities for revenue recovery in 2019, as well as increased transparency and access to care for patients. Additionally, one of the largest cost drivers of specialty spend today—prescriptions drugs dispensed through the medical benefit—is typically missing from pharmacy trend statistics. Article cites data on specialty drugs from Specialty Pharmacy Times. As these partnerships and alliances scale, they could increase the competition and drive down payment rates even more for your pharmacy. Here’s a collection of the most striking trends that will grip pharma marketing through 2019. But did you know you can’t really compare one trend number to another? But it will take creative thinking and forward-looking management on your part to deliver on that promise. Magellan Rx Management Medical Pharmacy Trend Report, Magellan Collaborates with Cambria County, 9 Questions Someone With Mental Illness Wishes You Would Ask, 3 Key Trends to Consider for Oncology Management, 2019 Specialty Summit tackles trends, emerging therapies, tech-based disruption and more, Medicine Cabinet Minefield: How old prescriptions drugs are fueling an opioid addiction crisis, The Trends and Complexities of Provider-Administered Drugs. This is a great opportunity for you to launch new clinical programs that let your pharmacists practice at the top of their licenses and transition from pharmacists to providers. Although 68% of payers are now using a site of service (SOS) program, SOS continues to be a concern with drugs administered in the hospital outpatient setting continuing to cost 2-3 times more than physician offices and home infusion. X. The five-year trend is 68% — the highest jump in 9 years of reporting. Pharmaceutical Retail Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019-2023 May 14th, 2019 WISEGUY RESEARCH CONSULTANTS PVT. […] Looking for more insights? Chain and independent drugstores are projected to employ 11,000 fewer pharmacists in 2028 than they do today. If you’re not part of these narrow networks, you won’t have access to any of those networks’ patients—so it stands to reason that you do want to be included. LTD. LINK These … In 2019, your pharmacy will feel even more downward pressure on your reimbursement rates. © 1999-2016 Magellan Health, Inc. All Rights Reserved. […], […] the specialty drug trend continues to rise (especially on the medical benefit) and the pipeline continues to expand, focusing on management strategies and solutions is key. All 43 are currently available on the market today, representing increased utilization and growth of these products in the next five years and reinforcing the need for proper utilization management, targeted dosing optimization and other management tactics of these high cost medical specialty drugs which will help to promote quality of care and prudent savings of healthcare dollars. Consider ways to make same- or next-day home delivery a possibility. Editor's Note: This article was originally posted on … Faced with these and other challenges to sustainable care, Express Scripts introduced several … ... January 14, 2019 at 04:00 AM. Those conversations can lead to laws that level the playing field (e.g. He noted that brand names dominated, then generic, and now specialty and biosimilars are popular. Pharm degree from the Hebrew University of Jerusalem in Israel and a Master’s in Business Administration (MBA) degree from the Wharton Business School in Philadelphia. It’s not just that you filled a prescription and your patient is adherent to their drug. The nonstop disruption taking place in the retail environment is challenging many of the norms of retailing, creating opportunities for new entrants, and making transformation an imperative for incumbents. In the past, PBMs’ operations have been opaque to the industry. The upcoming year is set to witness new breakthroughs and trends. It’s all about accessing new patients and getting them to use your services. But your pharmacy needs to keep pace with your patients’ expectations of engagement and convenience. Industry Consolidation: “We’re seeing consolidation both vertically and horizontally. Specialty Products and Services. Drugstores: retail sales growth in the Netherlands 2005-2019 Outlet points for the sale of medicinal products in Germany in 2015 Top revenue growth rates of … Trend Alert: Liquid Biopsies – Another Tool for the Precision Medicine Toolbox. To learn more about how Magellan can support your organization, please visit MagellanHealth.com. Your business has traditionally been fee-for-product, but the downward pressure on reimbursement rates is making that model less sustainable. Related: Learn more about McKesson’s managed care contracting services for independent pharmacies. But before we look into what the coming year has to offer, let’s do a recap of some of the biggest pharmacy trends and advancements for 2019: Across all lines of business (LOB), more than 90% of total drug spend on the medical benefit is being driven by a fraction of members who are taking specialty medications. Eyad holds a B.Sc. In fact, you need to combine both to see there is as much, if not more, specialty spend going through the medical benefit today that is going unmanaged. However, all of these drugs have FDA-approved biosimilars that should all be available on the market in the next few months and, looking ahead, this landscape may look different over the next few years with this increased competition. The evolution began in the Medicare Part D space and has spread to large national commercial health plans. As we head closer towards mid-2019, many national and international trends have made themselves known in the global pharmaceutical industry. Sequentially Revenue grew by 6.52 %. The Critical Role of Pharmacy Informatics Transformation A1C, drug therapy problems, high-density lipoprotein, health concerns, low-density lipoprotein, mm Hg, patient goals, and plan of care are all important data points and elements of care planning and follow-up. It’s that you filled a prescription, the patient is taking the drug and the drug improved their health. Your email address will not be published. And if you are a retail pharmacist: Plan accordingly! In response, you should expect to see an increase in transparent PBM models, which will ultimately lower drug costs for patients. New and old competitors are finding new ways to engage with their patients. Every PBM uses different methodologies, data sets, and calculations to arrive at their pharmacy trend number. Non-retail settings are predicted to grow much more quickly than outpatient dispensing formats, with hospitals accounting for more than 60 percent of the employment growth. 2019 gave us “Old Town Road,” Baby Yoda and a thrilling Women’s World Cup victory for Team USA.