The specialty medicine segment is having its moment. It now accounts for 51% of spending, up from 32% in 2012, driven by growth in immunology and oncology, according to the IQVIA Institute for Human Data Science’s “The Use of Medicines in the U.S. 2023” report.
What’s more, the specialty share of net spending across institutional and retail settings rose from 35% in 2013 to 51% in 2022, driven by innovation and the declining share for traditional medicines, as growth has slowed due to higher off-invoice discounts and rebates and patent expirations.
[Read more: Personalizing the pharmacy experience]
The report also noted that the largest proportion of new medicines launched in the past decade has been specialty drugs, and specialty spending per person has nearly doubled from $338 in 2013 to $662 in 2022, while traditional net medicine spending has declined by $16 per person over the same period.
The burgeoning specialty market has many retail players that are aiming to be successful in providing patients with these medications.
Here are some innovative offerings that are available to help specialty retailers: