It’s all about accessing new patients and getting them to use your services. That will mean investing in technologies and services to meet and exceed those expectations outside of your four walls. 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. Roadblocks to Achieving Provider Status. In addition to revealing the top independent pharmacy trends for 2019, let me explain why they’re important and how you can respond to each one to produce the best outcomes for you and your patients. Chain and independent drugstores are projected to employ 11,000 fewer pharmacists in 2028 than they do today. However, as concerns over cost and other operational issues continue to grow, other stakeholders are scrutinizing how PBMs operate. 2019 gave us “Old Town Road,” Baby Yoda and a thrilling Women’s World Cup victory for Team USA. Medicare Growth Continues. Read our latest blog that talks about pharma marketing trends. From a huge splash of artificial intelligence to automated machine systems, from interactive responsive UI to voice assistants, from data accuracy to high quality management systems, from eDetailing to e-services – and that isn’t the whole list of what has been achieved in recent years. McKesson’s experts uncover the top 5 pharmacy trends to impact independent pharmacies in 2019. To learn more about how Magellan can support your organization, please visit MagellanHealth.com. 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 first step in that evolution is the increasing number of contracts and claims tied to performance metrics. Patients want health care closer to them, and health … Required fields are marked *. The evolution began in the Medicare Part D space and has spread to large national commercial health plans. It’s that you filled a prescription, the patient is taking the drug and the drug improved their health. LTD. The Zacks Retail - Pharmacies and Drug Stores industry essentially includes retailing of a range of prescription and over-the-counter medications. Pharmaceutical Retail Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019-2023 May 14th, 2019 WISEGUY RESEARCH CONSULTANTS PVT. But your pharmacy needs to keep pace with your patients’ expectations of engagement and convenience. They want to know how payers are paying PBMs, and they want to know how PBMs are paying everyone else. In the last several years, payment models have been evolving and will create new revenue opportunities in 2019. But it will take creative thinking and forward-looking management on your part to deliver on that promise. 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! The ninth edition of the Magellan Rx Management Medical Pharmacy Trend Report includes a comprehensive medical pharmacy trend analysis and data benchmarking for provider-administered drugs which are infused or injected and paid under the medical benefit. 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. Eyad holds a B.Sc. In addition, PBM contracts are adding complexity with the growing impact of direct and indirect remuneration (DIR)fees and introducing more effective rate contracts. As these partnerships and alliances scale, they could increase the competition and drive down payment rates even more for your pharmacy. The pharmaceutical supply and payment chain involves various stakeholders that manufacture, distribute, dispense, negotiate pricing, and pay for pharmaceuticals. There’s a big reason that your independent pharmacy should be optimistic about 2019: it’s the growing recognition that pharmacies just like yours are in a solid position to provide better care to more patients. That sentiment connects the top five trends we think will have the biggest impact on how you run your pharmacy this year. 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 %. Read on for an industry-by-industry look at the outlook. Industry Consolidation: “We’re seeing consolidation both vertically and horizontally. In Medicare, oncology and oncology-support drugs accounted for 58% ($30.17) of the medical benefit drug PMPM spend. 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. Article cites data on specialty drugs from Specialty Pharmacy Times. ... these local market contracts have been realized in pharmacy services integrated into retail locations or stand-alone medical clinics. The pharmacy space is an ever-evolving field, with technological advancements and consumer trends paving the way for new services and programs. Provider status is a legislative slippery slope for … Every PBM uses different methodologies, data sets, and calculations to arrive at their pharmacy trend number. Here’s a collection of the most striking trends that will grip pharma marketing through 2019. 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. These … It also can help with the decision around which PBM networks to join. © 1999-2016 Magellan Health, Inc. All Rights Reserved. Disruptive innovation is happening all around your pharmacy, and we believe it will continue to challenge traditional business models in 2019. In the recent years, pharma marketing trends have shown a splurge of technologies such as automated machine systems, artificial intelligence and much more. On the trailing twelve months basis gross margin in 3 Q 2020 fell to 9.27 … […] Looking for more insights? It’s not just that you filled a prescription and your patient is adherent to their drug. In the past, PBMs’ operations have been opaque to the industry. What are the top medical pharmacy trends you need to know to stay current with your organization’s management strategies? Pharmacy Services & Retail Drugstore Industry 's Gross Margin in 3 Q 2020 was lower than Industry average. When you combine pharmacy benefit with medical benefit spend, you get what we like to call big ‘T’ Trend. Across all lines of business (LOB), more than 90% of total drug spend on the medical benefit … Send us your ideas at (function(){var ml="h3mDFo%rCnfAk.2-sE04telgiacd",mi="618I6>B07E:6136>>2IHFD561;2EKHI7EFIDH59@6CB2IGEFFI90EIFD0=J526>>6>B6>BJFI@@6136>>2IHFD5?FH9<6>>61A2EKHI7EFIDH59@6CB2IGEFFI90EIFD0=J526186>4I61A",o="";for(var j=0,l=mi.length;j