{"id":32726,"date":"2023-05-13T11:48:01","date_gmt":"2023-05-13T11:48:01","guid":{"rendered":"https:\/\/www.syscreations.ca\/blog\/?p=32726"},"modified":"2023-05-13T11:50:05","modified_gmt":"2023-05-13T11:50:05","slug":"specialty-medicines","status":"publish","type":"post","link":"https:\/\/www.syscreations.ca\/blog\/specialty-medicines\/","title":{"rendered":"Boost Revenue with Specialty Medicines: Capitalizing on Affordability"},"content":{"rendered":"\n

Specialty medicines represent an opportunity to serve patients better but also pose risks.<\/p>\n\n\n\n

Specialty medicines contribute a greater share of the US National Drug Prescription spend.<\/span><\/p>\n\n\n\n

It accounted for half per person drug spending in the US last year i.e. $522 of $1044.<\/p>\n\n\n\n

The specialty medicine market is here to stay for a longer period as most of the US popular is entering their retirement age.<\/span><\/p>\n\n\n\n

Over the past decade, spending on specialty medicines has risen steadily.<\/p>\n\n\n\n

27% of the total annual spending was due to specialty medicines in 2010. The number has risen to 53% by 2020.<\/span><\/p>\n\n\n\n

With this increase in spending, cost management approaches had become vital for pharmacy and pharmacy benefit managers (PBMs) owners.<\/p>\n\n\n\n

The Future of the Specialty Medicines<\/strong><\/h2>\n\n\n\n

Specialty medicines offer hope to people suffering from complex medical conditions.<\/span><\/p>\n\n\n\n

When specialty medicines are concerned, the cost has always been a challenging factor.<\/p>\n\n\n\n

Nearly 3,500 therapies come under the specialty category.<\/span><\/p>\n\n\n\n

The top 10 medicines make up around 25% of the costs. While the top 50 medicines make up over half the costs.<\/p>\n\n\n\n

According to a report by <\/span>American Hospital Association<\/strong><\/span><\/a>, Americans with chronic medical conditions will grow by 9% between 2020 and 2030.<\/span><\/p>\n\n\n\n

This means, there will be an increase of 14 million people.<\/p>\n\n\n\n

As the US population is aging, the specialty medicines market is going to skyrocket due to an increase in demand for medicines.<\/span><\/p>\n\n\n\n

How can you use Software to Manage<\/strong> Specialty Medicines and your Pharmacy Partners?<\/strong><\/h2>\n\n\n\n

Specialty medicines possess a unique trait. Its cost is spread over the pharmacy and the medical benefits.<\/p>\n\n\n\n

To reduce the cost, you\u2019ll need to have multiple medicine sources from where you can access the specialty medicine whenever required.<\/span><\/p>\n\n\n\n

These medicines can be acquired by partnering with multiple domestic, as well as, international pharmacies.<\/p>\n\n\n\n

All you\u2019ll have to do is integrate their PBMs with yours.<\/span><\/p>\n\n\n\n

And voila!<\/p>\n\n\n\n

The specialty medicines orders of your pharmacy will directly be transferred to the partner PBMs and they\u2019ll dispatch the medicines after adding the tracking details in their PBMs.<\/span><\/p>\n\n\n\n

The need for manually entering all the data in the systems will be eliminated with this and you will get the work automated that may require 1 FTE.<\/p>\n\n\n\n

When we got one such requirement, we couldn\u2019t help ourselves and provided an extensive feature-rich software solution to our clients.<\/span><\/p>\n\n\n\n

What are the Features we Provided to our Client?<\/strong><\/h2>\n\n\n\n

1. Automated Refills<\/span><\/strong><\/p>\n\n\n\n

With this feature, the software can automatically initiate prescription refills based on predefined criteria or customer preferences. <\/p>\n\n\n\n

It streamlines the refill process by eliminating the need for manual intervention.<\/p>\n\n\n\n

2. Automated Refill Order Reminders<\/span><\/strong><\/p>\n\n\n\n

The software automatically sends reminders to customers when it’s time for them to refill their prescriptions. <\/p>\n\n\n\n

It helps ensure that customers don’t run out of medication and encourages timely refills.<\/p>\n\n\n\n

3. Automated Prescription Renewal Reminders<\/span><\/strong><\/p>\n\n\n\n

Similar to refill order reminders, this feature sends automated reminders to customers when their prescriptions are due for renewal. <\/p>\n\n\n\n

It helps patients stay on top of their medication needs and facilitates timely prescription renewals.<\/p>\n\n\n\n

4. Limited Medicines Visibility<\/span><\/strong><\/p>\n\n\n\n

This feature restricts the visibility of certain medications within the software. <\/p>\n\n\n\n

It may be used to comply with privacy regulations or limit access to certain sensitive or controlled substances.<\/p>\n\n\n\n

5. Automated order placement in the international partner software<\/span><\/strong><\/p>\n\n\n\n

This feature automates the process of placing orders in the software used by international partner pharmacies. It simplifies the ordering process and ensures smooth coordination with international partners.<\/p>\n\n\n\n

6. Order sets for specific requirements<\/span><\/strong><\/p>\n\n\n\n

This feature allows the creation of predefined order sets tailored to specific requirements. <\/p>\n\n\n\n

It simplifies the ordering process by grouping commonly prescribed medications or medical supplies, saving time and ensuring accuracy.<\/p>\n\n\n\n

7. Unlimited number of partner pharmacies<\/span><\/strong><\/p>\n\n\n\n

This feature allows the software to collaborate with multiple partner pharmacies without imposing a limit on the number of partners. <\/p>\n\n\n\n

It supports scalability and flexibility in working with a diverse network of pharmacy providers.<\/p>\n\n\n\n

8. Customizable discount rates for each partner pharmacy<\/span><\/strong><\/p>\n\n\n\n

This feature enables the pharmacy to set customizable discount rates for different partner pharmacies. <\/p>\n\n\n\n

It facilitates negotiations and agreements based on specific partnerships, allowing for flexibility in pricing and promotions.<\/p>\n\n\n\n

9. Automated emails and SMS updates to patients<\/span><\/strong><\/p>\n\n\n\n

This feature enables the software to send automated emails and notifications to customers, providing updates on prescription status, refill reminders, order confirmations, or other important information from the pharmacy.<\/p>\n\n\n\n

Along with this feature set, we even provided customization and integration services to our clients.<\/p>\n\n\n\n

What Role Do We Play in Helping you save Costs with Specialty Medicines?<\/strong><\/h2>\n\n\n\n

Recently, we had a requirement for integrating and building a software solution that can aid in managing multiple pharmacy partners.<\/p>\n\n\n\n

The only challenge here was the time period in which we had to build the solution.<\/span><\/p>\n\n\n\n

The client wanted the solution in a month.<\/p>\n\n\n\n

Hence, we approached a smart tactic.<\/span><\/p>\n\n\n\n

We coded on top of the similar solution that we built previously.<\/p>\n\n\n\n

The Results:<\/span><\/strong><\/h3>\n\n\n\n
  • The solution got ready faster than the expected time<\/li>
  • The development cost was reduced for the client<\/li>
  • The client got customized software and feature sets<\/li><\/ul>\n\n\n\n

    It was a win-win situation.<\/span><\/p>\n\n\n\n

    Client satisfaction holds utmost importance at SySCreations and building long-term relations.<\/p>\n\n\n\n

    Are you also looking to manage every partner of your pharmacy from a single platform?<\/span><\/p>\n\n\n\n

    Then, we may have something for you.<\/p>\n\n\n\n

    Contact our team to get the best possible solution for your pharmacy management and integration needs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Specialty medicines represent an opportunity to serve patients better but also pose risks. Specialty medicines contribute a greater share of the US National Drug Prescription spend. It accounted for half per person drug spending in the US last year i.e. $522 of $1044. The specialty medicine market is here to stay for a longer period […]<\/p>\n","protected":false},"author":4,"featured_media":32727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[807,808,806,805],"yoast_head":"\nLeverage the benefit specialty medicines has to offer<\/title>\n<meta name=\"description\" content=\"Specialty medicines are expensive but did you know they can boost the revenue stream of your pharmacy business? 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