Specialty pharmacy

[BenJammin]

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How does someone start one from scratch? I've been talking to some pharmacists who work for specialty pharmacies and they say business is booming. Any of you guys know what it takes to get one of these going or can at least point me in the right direction?

 

[KARM12]

No experience personally, but the most profitable outpatient pharmacy in our health organization only dispenses oral chemotherapy and related meds.

 

[farmadiazepine]

I'm really interested in this, too. How does an independent pharmacy become a specialty pharmacy?

 

[Ackj]

Seems like it would be tough to do with the PBMs owning their own specialty pharmacies. Over the past year I've seen several specialty rx reject "must be filled through XYZ specialty services."

If not for that hurdle, it does sound like a pretty solid option. Wouldn't need to nearly as high volume, since each rx is a bigger chunk of sales - a few hundred bucks per rx instead of filling 1oo lisinopril rx for 50 cents each.

 

[All4MyDaughter]

Many barriers. Most of the PBMs own their own specialty pharmacies and then mandate customers use them. Another barrier is getting registered with the manufacturers to stock certain projects. And then there is the cost of inventory...

 

[lcow2004]

How does someone start one from scratch? I've been talking to some pharmacists who work for specialty pharmacies and they say business is booming. Any of you guys know what it takes to get one of these going or can at least point me in the right direction?

I have a friend in the process of doing this and I am looking to join in the business. He has reached out to managed care orgs and PBMs already and have started discussions on contracting with them on many of the oncology and specialty drug products. Seems like there is still pretty good appetite from these groups as they can leverage more pharmacies to get good contract terms. I think the opportunity is still really good right now but as more pharmacies go this route, margins for specialty pharmacies will be lower and lower. It's a good time to jump in now!

 

[kvl1027]

Have a good amount of capital, get specialty pharmacy accreditation, work on contract deals with wholesalers, manufacturers, PBMs. Business model needs to include adequate staffing and logistics to manage a "call center" as well as compliance/counseling tools. Dept. dedicated to patient assistance and PA's. Oh and one more thing......have a lot of capital.

With all that being said, it's the fastest growing segment in the industry and there is a lot of money to be made if you can do it. Looking into adding it to our current business model, in which we are already set up pretty well. I'll keep you posted.

 

[MatCauthon]

Specialty drugs, especially biological ones, are very hard to make generic equivalents for. For this reason, drug companies are pushing specialty drugs. This trend is going to keep increasing for a long time.

I work in specialty pharmacy. One thing I didn't see anyone mention is specialty certification. Many 3rd parties won't cover you unless you get specialty certification.

 

[ChalupaBatman86]

Check out the information on the upcoming Diplomat IPO

 

[PharmacistWA]

I wonder what certification or courses one can get perhaps to be able to compete for a specialty pharmacist job?

 

[ChalupaBatman86]

They use a lot of contract help from temp agencies. Do a good job and you can get hired. You don't need certification.

 

[BF7]

URAC accreditation is the talking point now; many if the larger specialty pharmacies are already accredited or in the process of getting it.

I contacted URAC to see about the process and fees.... Guess what their fee is based upon? Your EXPECTED volume of specialty medications that your store will dispense.

URAC accreditation is just another money grab and another barrier to having a truly free market in the business of pharmacy.

The other pints listed above ( a Doctor call section/ PA department) and a call center with pharmacists available for instruction and counseling are a must along with millions of dollars in holding inventory costs. ( some PBMs have a dollar amount basement for inventory in irder to be part if a network)

On a related note, I just dispensed a $2700 box of enbrel 50mg tgat I netted a whopping $12 over cost ... F'in ACA plan run by Argus/Cigna. Typically I make $250+ with the majority of insurances.

 

[BF7]

Oncology can be fairly profitable as well..here is a Gleevec #30 that we filled yesterday. When you have this much gross margin you can offer the additional services like assigning someone to do PA's, someone to look for coupons to discount copays,etc...IF there is anyone on here who works at an oncology pharmacy I'd love to pick your brain....