The global pharma market is expected to reach USD 1.5 trillion by next year. The industry is also expected to have a compound annual growth rate between 3 and 6 percent in the next five years.
The global specialty pharmaceuticals market size is also expected to increase and reach USD 352 billion by 2027. Also know as biologics, the specialty pharmaceuticals are used for treating serious medical conditions. This includes biopharmaceuticals, blood derived products as well as complex molecules. One of the biggest contributors which have led to the accelerated growth of the specialty drugs market is the improvements made by the US FDA in its approval process. With the approval times becoming quicker, the competitions in less complex generics increased which in turn has also led to steep price erosion. Acknowledging the situation, many Indian generic drug manufacturers have entered the specialty generics market.
That said, the complex manufacturing process as well as the in-depth research and development activities needed to come up with these specialty drugs is something that companies shouldn’t overlook before entering this vertical.
Patients Perspective Even though more players coming up with new drugs to combat chronic illnesses is a welcoming sign, the increasing costs coupled with the special handling requirements of specialty drugs still remains a concern for many patients. With more medications being covered, it is becoming more difficult for payers as well as providers to not only ensure cost effectiveness of these drugs but also to manage them effectively. There are specialty drugs which cost upwards of USD 100,000 per year and they are significantly costlier than their traditional counterparts.
With the specialty drugs market continuing to grow, experts believe that it will have a substantial impact on the overall healthcare costs as well. Disconnected experience is another challenge related to specialty drug management which makes it harder for the payers to see the full effect of their specialty strategies. This is also stopping many of them to see the areas where there is an opportunity to improve. This in turn has also made it harder to ensure cost control and improve individualized patient care. Let’s analyze some of the potential solutions for these issues.
Specialty Fusion This is a unique initiative by Optum which is a leading healthcare company and has its presence in India, Brazil, the UK, and Ireland. The company created its Specialty Fusion platform in order to eliminate the difficulties relating to specialty medications management.
The platform offer specialty care for the patients who have serious health conditions by lowering the costs of the drugs and it has even been able to provide 17 percent total cost savings in medical and pharmacy expenses. It can also help simplify patient care by providing faster treatment approval for the patients. Specialty Fusion works by harnessing data as well as clinical expertise. It also offers care provides and payers real-time information regarding the best treatment at the lowest cost.
The platform has been able to streamline the management of medication while at the same time ensuring better transparency and medical benefits. The platform also helps in increasing the transparency of the entire process and it offers saving options for preferred products and dosage management policies among many others.
Specialty Guideline Management CVS Health is a leading American pharmacy company and it has a unique Specialty Guideline Management which helps in controlling the cost by ensuring that the patients are prescribed the correct therapy at low cost from the beginning itself. This solution from the company has even helped their patients to save more than 15 percent on average. The Specialty Guideline Program offered by the company promotes the safety of the patients while at the same time ensuring cost-effectiveness. Some of the key aspects of this program include critical cost management components including comprehensive clinical assessments, and generic first-approach.
It also has step therapy requirements, and day-one utilization management review. The company is constantly working on improving this program which can help the patients even more. This includes advanced analytics, increased clinical support and digital out reach.
Medication Synchronization This is crucial for specialty drug management as it guarantees constant prescription care. This also prevent interruptions in the medication routine while at the same time allow patients to adhere to their dosages. Some of the components of this program include refill reminders as well as regular pharmacist appointments both of which will greatly help the patients and care givers.
Patients who are enrolling in medication synchronization programs is set to have better adherence which goes a long way in ensuring a better treatment for them and there are multiple studies which have found that medical synchronization programs helps in improving adherence. Going forward, specialty pharmaceuticals market should evolve with the changing trends, incorporate more technology and analytics in order to not only control the cost of the drugs but also to ensure better individualized patient care.
As the importance for personalized care is increasing daily, ensuring this will help all the different stakeholders in the segment to gain. This in turn will attract more companies to enter the vertical which will increase the innovations happening in the specialty pharmaceutical segment leading to better patient care.
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