PARSIPPANY, N.J. — Specialty pharmacy operators can expect to see escalating competition from retail pharmacy chains, which are rapidly expanding their specialty drug services, according to a study from Healthcare Research & Analytics (HRA).
The health care market researcher said Monday that its "Healthcare Reform: The Changing Role of Retail and Specialty Pharmacy" underscores how retail pharmacies are sharpening their focus on the fast-expanding specialty drug market to help spur growth and help offset reimbursement shortfalls.
According to input from 128 retail pharmacies across the United States, 45% are already filling specialty prescriptions, and another 10% plan to add that service within the next 12 months, HRA said.
Large chains are most active in this area, with 56% now filling and 12% planning to add specialty prescriptions in the next year. The study also shows strong activity by retail pharmacy in medication therapy management (MTM) and disease management.
"It’s just the nature of the beast of health care, and of today’s environment," commented Kevin Cast, vice president of global pharma business development at United BioSource Corp., a subsidiary of Express Scripts. "If companies aren’t able to change and adapt at a moment’s notice, they truly will get left behind in the dust."
Besides bolstering their specialty drug services, retail pharmacies are ramping up programs that address key population health issues, such as diabetes, hypertension, cardiovascular, respiratory and obesity. With almost 60% of retail pharmacies incentivized for exceeding patient participation goals, engagement is a key area where manufacturers can deepen their relationships with the retail pharmacy sector, HRA noted.
Yet pharmacies also point to a need for hassle-free support from those partnerships, HRA added.
"Whatever [manufacturers] offer has to be simple to implement, concise, easily integrated into the workflow. They know that time is valuable," stated Kathy Bryan, vice president of pharmacy at food and drug retailer Price Chopper.
