2 Emerging Trends in the Specialty Drug Industry Brought to you By: S ... $400 billion by 2020.3 Clearly, the use of and spend on specialty drugs in ... snapshot of specialty pharmacy mergers and acquisitions in 2016.4 To properly serve their patients, pharmacists working in the outpatient setting—whether or not There have been 2 chimeric antigen receptor (CAR-T) approvals for certain kinds of non-Hodgkin lymphoma: Kymriah (tisagenlecleucel) and Yescarta (axicabtagene ciloleucel). Direct and indirect remuneration (DIR) fees are not going away in 2020 … Can Formulary Management Bring It Down to Earth?, Managed Care, 2019, FAQs About Rare Diseases, Genetic and Rare Diseases Information Center, U.S. Department of Health and Human Services, 2017, https://www.cigna.com/newsroom/news-releases/2019/pdf/cigna-health-services-business-pioneers-an-innovative-solution-to-affordably-bring-life-changing-therapies-to-patients.pdf, http://image.messageinsite.com/lib/fe5615707d600c747210/m/2/757027d4-dff0-4c1b-a50a-ce78326b9917.pdf, 5 Ways Talking to Strangers May Boost Your Emotional Intelligence, Driving Optimal Results Through Individual/Team Performance-Based Incentive Compensation Plans, The Future of Benefits Administration Technology for HR Professionals, Most Brokers Say They Have All the Answers, Is Western Governors University Accredited | Read the Latest World News - News World, The Three Top Challenges to Earning a Degree, Factors in Assessing Your Hiring Strategy - HRProfessionalsMagazine, Recruiting Tips During Times of Uncertainty, Profile: Emily M. Dickens, SHRM Corporate Secretary and Chief of Staff, Preview of SHRM-Atlanta SOAHR Conference March 25-27. Expert panelists review the causes, diagnostic work-up, management, and emerging therapies inherent in the evolving paradigm of irritable bowel syndrome. THE SHIFTING LANDSCAPE ACCESS TRENDS IN SPECIALTY PHARMACY 2020-23 7 US specialty drug spending saw a modest annual growth of 3%, from 44.7% in 2018 to 47.7% in 2019 per ESI.10 On the basis of non-discounted spending, specialty growth has been outpacing traditional product growth, with a 10% to 0.3% dollar volume increase, per IQVIA. There are a couple of products aimed at building up a level of tolerance, which can help prevent a fatal allergic reaction due to accidental exposure. And that’s how we’ll change pharmacy benefits for the better. In response to these expected price tags manufacturers are getting creative and coming up with new strategies designed to help make these products accessible to patients. Medical pharmacy trends continued to climb with commercial PMPM increasing 10 percent year over year. Significant advancements will bring curative therapies to many individuals suffering from rare hereditary diseases. The cost of $850,000 will be partially reimbursed if a patient fails to respond to treatment. The lines between care settings … Digital disruption and big data are shifting the way businesses interact with consumers and accelerating change at a … Novartis expects to treat 100 infants each quarter. They estimate a savings of over $470M over the next five years in addition to a reduction of medical costs to treat progression of the disease. Precision medicine targets specific genes, based on the patient’s condition. IQVIA Institute. IQVIA website. Gene therapy is designed to correct inherited genetic defects therefore it is curative and preventative for future generations.The FDA has approved 4 gene therapies to date, including Zolgensma (Novartis), approved to treat a rare spinal defect. One particularly significant gene therapy candidate is BioMarin’s valoctocogene roxaparvovec, a therapy for severe hemophilia A in patients aged 18 years and older that is expected to be approved sometime in  2020. When we look back ten years from now, my hope is that we can say “remember when we treated cancer with toxic chemo therapy and genetic disorders went relatively untreated?” That will certainly make the hard work we have to do well worth it. Volume Based Purchasing – the Netflix Model. Editor's Note: Top Trends for 2020 In Specialty Pharmacy, Dan Steiber, RPh, Directions in Specialty Pharmacy® Editor-in-Chief. DIGITAL TRANSFORMATION is advancing industries, altering consumer behavior, and reinventing society at every level. We have reorganized or moved some sections, but there are no changes to your plan besides the changes listed below. Novartis has agreed to annuity payments for Zolgensma over five years. Valued at $144.2 billion in 2018 and predicted to grow to $206 billion by the end of 2020, the global digital health market is growing at a … Paying a fixed fee for use of the drug, over the next five years, will allow them to treat over 30,000 individuals by 2024. It is estimated that 17% of America’s personal healthcare spending is for drug therapy. /publications/specialty-pharmacy-times/2020/February2020/editors-note-top-trends-for-2020-in-specialty-pharmacy, Copyright Specialty Pharmacy Times 2006-2019, 2 Clarke Drive Suite 100 Cranbury, NJ 08512 P:609-716-7777 F:609-716-9038, https://www.iqvia.com/en/insights/the-iqvia-institute/reports/medicine-use-and-spending-in-the-us-a-review-of-2018-and-outlook-to-2023, https://payorsolutions.cvshealth.com/insights/pipeline-preview-2020. Collaboration between payers, providers and manufacturers is possible, and most likely the best strategy to ensure cost effective access to quality care. Drug Channels Institute estimates that in 2019, the 10 largest specialty pharmacies owned by health systems had specialty pharmacy revenues of $190 million to $470 million. Your 2020 EOC will look different from previous EOCs. Genetic information is gathered through genome sequencing where researchers are able to identify specific abnormalities and come up with drugs and therapies targeted towards them. Puts the onus on the Payer to prove failure of efficacy. The following . It has been redesigned to make it easier to find the information you need. There is a $62B market for biosimilars over the next four years as competition in the specialty drug market increases. 1 With the rise of personalized medicine and gene editing therapy drug spend is projected to reach $600B in 2020. 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