Ah, from sea to shining sea, Specialty pharmacy is a hot topic. The Specialty story always starts with how big the market is (approx~$200B depending on who you listen to) and growing super fast (approx 25% CAGR depending on who you believe). It continues with how you need to get into the market and some of the “key things to think about” from their perspective. Usually the topic ends with someone trying to tell you their way is the only way to do it. I’ve always felt that if someone is telling you that this is the only way to do anything then they are trying to sell you something.
You can’t go to a hospital conference without at least one of the presenters talking about how their hospital has done Specialty in a “big way”. It seems like every hospital both big and small has already started on something to do with Specialty. It reminds me of the couple that was with a group of people ushered into the most recent Oscars. It’s like everyone else is having this party celebrating success and your tour just happened to be ushered in the door. Specialty is the Oscars award ceremony and you, the hospital, are the tour group. “No one told me this was going to happen…” “Look who is here A list hospitals all doing Specialty” “Smile and pretend like this is totally natural”. It’s a little tongue and cheek but not that far off.
Why is Specialty so hot if the topic overall isn’t that new? Why is everyone looking into it now? What are they doing? What are the metrics for success? Where do I start? Where are the resources to help?
Great news for all of us out there that are looking into Specialty, are in Specialty and want to get better and even those that are “doing it in a big way” – we are all learning together and there’s so much more to learn and do!
This blog is designed to help hospitals get information on promoting Specialty pharmacy best practices. Every aspect of Specialty will be covered from Specialty care to market structure, contract pharmacies, PBMs, Payors and more…some topics sooner than others. You as the reader can decide the topics you want to know more about and feel free to send me suggestions and feedback at contact@thespecialtysage.com.
This is a fantastic journey – I’m looking forward to continue to learn and take it with you!