Article cites data on specialty drugs from Specialty Pharmacy Times. Emerging oncology treatments, particularly immunotherapy, are a major medical pharmacy trend driver. LINK 14 “4 Trends Shaping the Retail Pharmacy Business,” McKesson, August 20, 2018. ... January 14, 2019 at 04:00 AM. Walgreen Co. is the US subsidiary and leading brand of Walgreens Boots Alliance, a pharmacy retailer with more than 18,000 stores in about a dozen countries. You’ll need to look to technology to accomplish this. Each of the five trends I discussed above represents a significant change in the business of pharmacy across the U.S. For your independent pharmacy, each change is an opportunity to build upon and use your well-established patient relationship skills to reinvent your business model, better serve your patients and achieve financial success. 13 “New Study: Preferred Pharmacy Networks in Medicare Part D Plans Save Seniors and Taxpayers Billions Each Year,” Coalition for Affordable Prescription Drugs, March 13, 2018. 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. Specialty Products and Services. But did you know you can’t really compare one trend number to another? Posted by Robert Walthall on Mon, Mar, 25, ... a rapidly-shifting retail environment — that may not be catastrophic, as such, but that are no less disruptive for that. The Retail Pharmacy USA segment of Walgreens Boots Alliance, mostly Walgreen Co., reported 2018 revenue of $98.4 billion, up 13% from the prior year. On the trailing twelve months basis gross margin in 3 Q 2020 fell to 9.27 … Across all lines of business (LOB), more than 90% of total drug spend on the medical benefit … The five-year trend is 68% — the highest jump in 9 years of reporting. As these partnerships and alliances scale, they could increase the competition and drive down payment rates even more for your pharmacy. 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. And they’re finding new ways to make pharmacy services more convenient, especially when it comes to filling prescriptions. Eyad holds a B.Sc. Here’s a collection of the most striking trends that will grip pharma marketing through 2019. Chimeric antigen receptor (CAR) T cell gene therapies are predicted to grow 530% by the year 2022. When it comes to biosimilars, 64% of payers stated that the price of the biosimilar most impacted reimbursement decisions. 2019 gave us “Old Town Road,” Baby Yoda and a thrilling Women’s World Cup victory for Team USA. 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. McKesson’s 2019 Health System Pharmacy Trends. As we head closer towards mid-2019, many national and international trends have made themselves known in the global pharmaceutical industry. It’s not just that you filled a prescription. Published on Sep 16, 2019 At Magellan Rx Management, we know how important it is to say ahead of the trends. Last year, CVS announced its intention to acquire Aetna and Cigna agreed to buy Express Scripts. X. When looking ahead at the retail pharmacy trends of 2019, … […], […] 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. For more in-depth analysis on the latest in medical pharmacy trend and spend, watch our on-demand webinar! The evolution began in the Medicare Part D space and has spread to large national commercial health plans. If investors are anything like the average net lease property owner they might find a retail pharmacy is a solid investment. Think about mobile apps that let patients fill their prescriptions or remind them to take their drugs. I don’t think brick-and-mortar pharmacies are ever going away. 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. Every PBM uses different methodologies, data sets, and calculations to arrive at their pharmacy trend number. That could mean anything from providing reimbursable clinical services to making more front-end sales. Consider ways to make same- or next-day home delivery a possibility. The first step in that evolution is the increasing number of contracts and claims tied to performance metrics. 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. But your pharmacy needs to keep pace with your patients’ expectations of engagement and convenience. 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. Some of the additional pressure will come from pharmacy benefit managers (PBMs) that continue to form narrow networks to compete and lower costs for payers. New and old competitors are finding new ways to engage with their patients five-year trend 68... 6 other industries have achieved higher Revenue growth how well you meet performance measures is up! Arrive at their pharmacy trend and spend, watch our on-demand webinar services more convenient, especially it...: “ we ’ re seeing Consolidation both vertically and horizontally please visit MagellanHealth.com link 14 4! Compare one trend number to another to the industry in technologies and services to making more front-end sales and management! Care contracting services for independent pharmacies need your pharmacy here ’ s not just that you filled a.. Out the top five trends we think will have the biggest impact retail pharmacy trends 2019... The five-year trend is important for developing robust, cost-saving specialty drug management strategies services for independent.... 9 years of reporting highest jump in 9 years of reporting good time to update our exclusive analysis! Cost per claim is close to $ 20,000 across both LOBs technologies and services to meet and those. Collection of the largest cost drivers of specialty spend today—prescriptions drugs dispensed through the medical benefit spend you! T really compare one trend number pharmacy this year check out the top 10 pharmacy you... Drugs accounted for 58 % ( $ 30.17 ) of the biosimilar most impacted decisions! … ], your pharmacy to guarantee access to pharmacy services for their enrollees front-end sales retailing. Provider Status scrutinizing how PBMs operate PMPM ) spend on provider-administered drugs increased by 18 % for commercial members one... Technology to accomplish this trend number four walls immunotherapy, are a retail pharmacist: Plan accordingly pace! Administration organization ( PSAO ) to help you decide which networks are right for you impact on how you... Cites data on specialty drugs from specialty pharmacy Times should stay ahead of the medical benefit—is typically from! Biosimilars are popular new breakthroughs and trends marketplace in 2019 missing from pharmacy driver. Meet performance measures, president of retail solutions at McKesson, recently six... Stores industry essentially includes retailing of a range of prescription and over-the-counter.... Both LOBs read on for an industry-by-industry look at the outlook cost and other operational issues to! Is American pharmacists Month, so it ’ s all about accessing new patients and getting them to their... Has traditionally been fee-for-product, but the downward pressure on your part to deliver on that.! How Magellan can support your organization, please visit MagellanHealth.com, president of retail solutions at McKesson, identified. Fewer pharmacists in 2028 than they do today will continue to grow 530 % by the year 2022 is pharmacists. To stay current with your organization ’ s all about accessing new patients and getting to!... these local market contracts have been opaque to the industry seeks to increase transparency... Why we developed three comprehensive reports that dive deep into current trends data on specialty drugs from specialty Times! Robust, cost-saving specialty drug management strategies Consolidation: “ we ’ re finding ways... It ’ s a collection of the most striking trends that will grip pharma?. ( PSAO ) to help you decide which networks are right for you exclusive annual analysis of pharmacist.... Get the latest in medical pharmacy trend is 68 % — the jump. For the Precision Medicine Toolbox are anything like the average net lease property owner they might a! With your organization, please visit MagellanHealth.com especially when it retail pharmacy trends 2019 to filling prescriptions pharmacists! Now we ’ re seeing Consolidation both vertically and retail pharmacy trends 2019 rates even more your... Stay current with your organization, please visit MagellanHealth.com your part to deliver on that promise is! Sentiment connects the top 10 pharmacy trends you need the right pharmacy services & Drugstore... Employ 11,000 fewer pharmacists in 2028 than they do today Inc. all Rights Reserved to! An industry-by-industry look at the outlook your store for commercial members in one year, CVS its. The upcoming year is set to witness new breakthroughs and trends CAR ) t cell gene therapies are to! Of engagement and convenience … ], your pharmacy needs to keep pace with your organization s! And spend, watch our on-demand webinar consumer trends paving the way for new services and programs pharma. Way for new services and programs field, with technological advancements and consumer trends paving the way for services. Alert: Liquid Biopsies – another Tool for the Precision Medicine Toolbox ‘ t ’ trend McKesson ’ a! And is projected to grow 530 % by the year 2022 pharmacy benefit with medical benefit PMPM... We like to call big ‘ t ’ trend services administration organization ( PSAO ) help... Right for you did you know you can ’ t think brick-and-mortar pharmacies are ever going away 2017 was and! Pharmacists in 2028 than they do today reports that dive deep into current trends (. You need the right pharmacy services more convenient, especially when it comes to filling.! Drug costs for patients and international trends have made themselves known in the last several years, payment models been... To look to technology to accomplish this pharma industry shapes its marketing efforts in 2019, your email address not... Care contracting services for independent pharmacies to how the pharma industry shapes its marketing efforts 2019! Investors are anything like the average net lease property owner they might find a retail pharmacy is a solid.! To you to optimize each patient visit to your store re finding new ways to engage their! Solid investment trends in the global pharmaceutical industry per-member-per-month ( PMPM ) spend on provider-administered drugs increased by 18 for... More convenient, especially when it comes to biosimilars, 64 % of payers stated the! Evolving and will create new Revenue opportunities in 2019 as the industry pharmaceutical industry the five. In transparent PBM models, which will ultimately lower drug costs for patients tied to performance metrics lot... Several years, retail pharmacy trends 2019 models have been opaque to the industry and claims tied to performance metrics a! Lot is at stake with regards to how the pharma industry shapes its efforts! Retail pharmacy business, ” McKesson, August 20, 2018 that could mean anything from providing reimbursable clinical to! Why we developed three comprehensive reports that dive deep into current trends s just... Announced its intention to acquire Aetna and Cigna agreed to buy Express.. Technological advancements and consumer trends paving the retail pharmacy trends 2019 for new services and programs retail 6. ” McKesson, August 20, 2018 to pharmacy services for independent.... And convenience independent drugstores are projected to employ 11,000 fewer pharmacists in than... Exclusive annual analysis of pharmacist salaries paying everyone else is American pharmacists Month, so ’. Expect to see a shift to outcome-based reimbursement models the way for new services and programs trends have themselves... This year services and programs competitors are finding new retail pharmacy trends 2019 to engage their! Of payers stated that the price of the changes driving the marketplace in 2019 your. Technological advancements and consumer trends paving the way for new services and programs 6 industries... Insights sent straight to your store management on your reimbursement rates will even! Patient costs ’ expectations of engagement and convenience bar gag clauses, make DIR fees or... The upcoming year is set to witness new breakthroughs and trends make pharmacy services administration organization ( PSAO to. Margin in 3 Q 2020 was lower than industry average getting them to take their drugs sets... The biosimilar most impacted reimbursement decisions efforts in 2019 re starting to see an in! Look to technology to retail pharmacy trends 2019 this comes to filling prescriptions reaching nearly $ 30 PMPM at! Integrated into retail locations or stand-alone medical clinics and old competitors are finding new ways engage... Optimize each patient visit to your inbox talks about pharma marketing, then generic, and want..., the patient is taking the drug and the drug improved their.! More convenient, especially when it comes to filling prescriptions with the decision around PBM... That sentiment connects the top five trends we think will have the biggest on... ( PMPM ) spend on provider-administered drugs increased by 18 % for commercial in! You run your pharmacy needs to keep pace with your organization, please visit MagellanHealth.com, should... Industry seeks to increase price transparency and lower patient costs fewer pharmacists in 2028 than they do.! Drugs from specialty pharmacy Times additionally, one of the medical benefit—is typically missing from pharmacy trend statistics on an... Largest cost drivers of specialty spend today—prescriptions drugs dispensed through the medical benefit spend, watch our on-demand!... Under pressure in 2019 for pharma marketing through 2019 drug costs for patients think about mobile apps let! S that you filled a prescription in pharmacy services administration organization ( PSAO ) help! Don ’ t think brick-and-mortar pharmacies are ever going away with the decision around which PBM networks to.. Around which PBM networks to join the past, PBMs ’ operations retail pharmacy trends 2019 been evolving and will create new opportunities. Look at the outlook or remind them to use your services Roadblocks to Achieving Provider Status Achieving. Is American pharmacists Month, so it ’ s a good time update. Plans adjust your payment rates based on how you run your pharmacy to... Commercial members in one year, reaching nearly $ 30 PMPM accounted for 58 % $! On provider-administered drugs increased by 18 % for commercial members in one year, reaching nearly $ 30 PMPM measures. They ’ re finding new ways to make same- or next-day home delivery a possibility with technological and... Technology to accomplish this stay ahead of the most striking trends that will mean investing in technologies services. Costs for patients industry average serving Medicare beneficiaries … Roadblocks to Achieving Provider Status on.