Ways you can use International Pharmacy Partnerships to your benefit
4 weeks ago
The rising costs of specialty medicines in the US are proving to be a challenge for employers, pharmacies, and PBMs owners.
According to a recent study, the cost of specialty medicines is driven by
- The increased population consuming them
- Manufacturer pricing for new products
- Choosing new specialty medicines
- Broadened label indications
- Inflation rates for specialty medicines
The demand and agents for specialty medicines are expected to grow 15-20% annually.
Let us understand how you can make the most out of your pharmacy business by using International Pharmacy Partnerships.
7 Ways you can use International Pharmacy Partnership to Your Advantage
1. Medication availability during shortages
If there are any medicine disruptions or shortages in the local supply chain, international pharmacy partnerships can be a reliable alternative.
These partnerships ensure continued access to essential medications even during challenging circumstances.
2. Convenience and accessibility
International pharmacy partnerships often offer convenient online ordering and shipping options, allowing you to access medications with just a few clicks.
3. Expanded healthcare services
Some international pharmacy partnerships offer additional healthcare services such as telemedicine consultations, medication therapy management, and chronic disease management programs.
These services can enhance the overall healthcare experience and help you better manage your patients’ medications.
4. Access to generic medications
International pharmacy partnerships often offer a wide range of generic medications, which can be more affordable alternatives to brand-name drugs.
This can significantly reduce medication costs without compromising on quality or effectiveness.
5. Medication customization
Some international pharmacy partners provide medication compounding services, allowing for customized formulations tailored to specific patient needs.
This can be particularly beneficial for individuals who require personalized dosages, flavors, or combinations of medications.
6. Clinical trial access
Certain international pharmacy partnerships may offer opportunities to participate in clinical trials for new medications or treatments.
This can give you access to innovative therapies not yet available in your home country and contribute to advancements in medical research.
7. Continuous availability
International pharmacy partners may operate in different time zones, allowing for round-the-clock customer support and assistance.
This can be particularly valuable when you need immediate help or have urgent medication-related queries outside regular business hours.
Do you need to integrate your PBMs with your International Pharmacy Partners?
This is one of the most common questions that we get asked when dealing with pharmacy or PBMs development.
To answer your questions, yes!
It is vital to integrate your PBMs with your partners to get the most out of the partnership.
What are the benefits of integrating PBMs?
1. Improved Member Experience
Integration with international partners allows for a seamless experience for members who require access to healthcare services while traveling or residing in other countries.
Through the integration of systems and networks, members can enjoy uninterrupted access to prescription medications, medical services, and other healthcare benefits, regardless of their location.
2. Global Data Insights
Collaboration with international partners offers access to a wider pool of data and insights related to healthcare trends, drug utilization patterns, and outcomes across different regions.
This wealth of information can be leveraged to identify best practices, optimize drug formularies, tailor programs to specific populations, and improve overall healthcare strategies.
3. Diverse Medication Options
Integration with international partners allows for access to a broader range of medications and therapies available in different countries.
This diversity can be particularly valuable when certain drugs or treatments are not readily accessible or approved in a specific region.
It enables PBMs to explore alternative options and provide members with a wider range of choices for their healthcare needs.
4. Expanded Network
By integrating PBMs with international partners, you can expand your network of pharmacies, healthcare providers, and manufacturers across different countries.
This broader network enables you to provide services to your members or clients on a global scale, enhancing their access to healthcare resources.
5. Cost Savings
By collaborating with foreign PBMs, you can leverage their local expertise, knowledge of the healthcare system, and negotiating power with local pharmacies and drug manufacturers.
This can lead to better pricing on pharmaceuticals and healthcare services, ultimately reducing costs for your members or clients.
International pharmacy partners offer too many benefits when integrated with your pharmacy software or PBMs.
Though it can be quite complicated, the benefits are endless.
Leave the hassle of integration to us and expand your pharmacy
We understand all the rules and regulations of the healthcare sector.
With an extensive experience of 8+ years in the healthcare industry, we’ve developed expertise in integration.
But why should you trust us?
We’re an Ontario-based healthcare IT industry that has delivered 60+ projects.
We believe in a smart development approach that saves costs as well as time.
Resulting in the faster delivery of your project.
If you have any health tech development or integration requirement, let’s connect and discuss how can we assist you in getting your needs fulfilled.