With the upcoming 2020 presidential election, healthcare will again be a major factor for candidates to debate over. Legislation related to drug costs will be of utmost importance for healthcare officials. There will be several new pharmaceutical trends in the coming year and we want to share a few.
Technological advancements in the field help the ever growing autonomous pharmacy forge even further ahead! Medication dispensing, autonomous delivery bots, data analytics , supply management, and other artificial intelligence like speech recognition will continue to keep pharmacists and pharmacy technicians on their toes.. Pharmacists are relying on cost reduction analytics more and more to maximize their budgets by increasing their performance-based rebates and reimbursements. At AvKARE, we offer a Direct Purchasing Program, which cuts out the middle man markups and gets medications to the hospitals at the absolute lowest cost. We offer performance-based quarterly rebates, along with usage reports to analyze order history.
Many health systems are merging and growing their outreach by integrating with other health networks such as specialty clinics, acute care facilities, long-term care facilities, hospice centers, and more. Medical schools are growing and continue to build satellite campuses in large cities. With these kinds of expansions, as well as the growth of specialty pharmacies, workflow challenges will arise and it will be important for these health systems to maintain appropriate standards of care. According to “Medicine Use and Spending in the U.S.,” which is based on a report IQVIA Institute (1) conducted, in 2018, there was a 20% increase in the specialty drug market. As health systems expand their existing pharmacies and open new specialty pharmacies, they will need to monitor advances in supplementary forms of treatment and new requirements bound by legislature.
The 340B Drug Pricing Program will continue to benefit eligible organizations and covered entities. According to 340BHEALTH (2), covered entities include six different categories of hospitals; disproportionate share hospitals (DSHs), children’s hospitals and cancer hospitals exempt from the Medicare prospective payment system, sole community hospitals, rural referral centers and critical access hospitals (CAHs). The significantly reduced costs offered by manufacturers who participate in Medicaid will make it increasingly possible to extend extensive savings to patients that are eligible. Pharmacy staff members will utilize new analytics to track their orders and manage their 340B program in a more effective way.
Health Systems will continue to adapt as they manage their business in an ever developing environment. However, now is the time to strengthen their relationships with group purchasing organizations, wholesalers and distribution centers and suppliers to ensure their patients’ needs are being met and their inventory is stable. AvKARE works directly with pharmaceutical buyers to reduce drug prices, to analyze usage reports and to ensure maximum savings are being extended to the health system.