Specialty drugs represent the fastest growing sector of pharmacy spending according to a recent CVS Caremark Insights report. In 1990 there were 10 specialty drugs on the market, which grew to approximately 300 by 2012. Almost 40 new specialty drugs were approved last year and 40 percent of all drugs in the pipeline to be released in the near future are specialty drugs.
Specialty drugs are different than other prescribed drugs because they are both higher in cost and used for more complex and rare conditions.
CVS Caremark stated that the specialty market is expected to grow nearly $120 billion in the next three years, to account for one-third of total pharmacy spend in the US.
As research and development continues, more effective treatments become available, but often with additional costs.
The National CooperativeRx business model encourages plan sponsors’ engagement and active management of pharmaceutical investments. The results are self-evident with proven outcomes.
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In addition to the cooperative’s specialty trend, its aggregate seven-year trend is also down -0.33 percent, meaning it costs less each year to insure participants.
To learn more about WisconsinRx or NationalCooperativeRx contact Chris Ralston at 608.204.9479 or email@example.com. You can also visit their website at www.wisrx.com.