As pharmaceutical research becomes more advanced and drug companies create new, more complex drugs, pharmacies need specialized tools to navigate the demands of high-cost, high-touch medications and manage the treatment journeys of patients.According to the CDC, an estimated 129 million people in the US have at least one major chronic disease and chronic diseases are continuing to increase in prevalence throughout the US.1
As new therapies unlock treatment pathways for previously untreated diseases, healthcare facilities need to establish solutions to support storage of these specialty drugs which may often require special handling by the pharmacist, be infused through an IV, or require specialized follow-up care.
Specialty Pharmacy as a Positive Path Forward for Financial Growth
Specialty medications are projected to account for 65% of overall drug spending by 2025, totaling more than $316 billion.2 Based on this data, launching or optimizing an entity-owned specialty pharmacy provides health systems with a substantial opportunity to grow financially and improve the overall patient experience. For example, since partnering with Omnicell to launch its specialty pharmacy, Temple University Hospital in Pennsylvania has realized 3x specialty financial growth in 24 months and lowered the average patient copay to under $20. The health system also achieved a net positive cash flow within five months, avoiding many of the common pitfalls of launching a specialty pharmacy.
While a specialty pharmacy initiative holds promise, it can also be a daunting task for many health systems. Challenges like limited drug access, payor contract management, resistant provider adoption, accreditation hurdles, and lengthy prior authorization processes can prove overwhelming, particularly for health systems with limited resources and specialty pharmacy expertise. Omnicell offers deep experience in specialty pharmacy program management to help navigate these challenges, allowing customers to not only launch and operate a specialty pharmacy quickly and cost effectively, but also optimize existing programs to transform good outcomes into great ones.
Good Samaritan Opens Specialty Pharmacy in the Midwest
In this recent news story, Indiana-based Good Samaritan Hospital shared how working with Omnicell to launch its specialty pharmacy will help improve outcomes and keep money in the local community. Shane Wilson, R.Ph., Director of Pharmacy at Good Samaritan seeks to enhance the hospital’s specialty pharmacy program and close care gaps that currently force some patients to travel to inconvenient and distant pharmacies to obtain their specialty medications. Partnering with Omnicell to establish an entity-owned specialty pharmacy will empower Good Samaritan to provide more convenient access to medications that require specialized monitoring, delivering better service to patients while keeping insurance payments and co-pay dollars within the community.
Wilson shared, “We decided to engage Omnicell as a partner because of their experience and expertise in specialty pharmacy. Also, Omnicell’s size and national presence allow them to aggressively negotiate pricing with insurance providers."
Get Started with Customized Support
With more than 30 years of expertise, Omnicell offers the only truly comprehensive specialty pharmacy program on the market, including the only fully integrated 340B TPA program, that delivers consistent results. Unlike other vendors that offer a predefined, one-size-fits-all specialty pharmacy model, Omnicell Specialty Pharmacy Services customizes a tailored solution for each customer, augmenting existing strengths while delivering specialized support in targeted areas through turnkey services designed to support speed-to-market. The process begins with an optimization assessment where Omnicell experts evaluate the current environment and specific needs of the health system. The resulting customized program amplifies each health system’s existing strengths and delivers specialized support in targeted areas.
As the specialty medication market continues to grow — with more than 1,200 specialty drugs currently available and 60% of new molecular entities awaiting FDA approval being specialty drugs — health systems and healthcare facilities can lean on Omnicell’s broad expertise to unlock specialty growth potential while increasing cost savings and amplifying patient care.
Contact Omnicell to learn more: https://www.omnicell.com/specialty-pharmacy/.
1. Benavidez GA, Zahnd WE, Hung P, Eberth JM. Chronic Disease Prevalence in the US: Sociodemographic and Geographic Variations by Zip Code Tabulation Area. Prev Chronic Dis 2024;21:230267. DOI: http://dx.doi.org/10.5888/pcd21.230267
2. Global Medicine Spending and Usage Trends: Outlook to 2025, IQVIA, April 2021