Quality measures allow payers and providers to quantify performance to set quality standards for the industry. The data flags the causes of nonadherence and points you to a solution. Aligning industry stakeholders would provide a consensus-driven process for identifying data elements and interoperability standards to create a robust data infrastructure for the health care system. 4. Among other strategies, specialty pharmacies may report data to pharmaceutical manufacturers and payers to gain access to limited distribution drugs (LDDs) and carved into payer contracts. Now, the question is what you can do with all this information. Pharmacy benefit management — working with employers, health plans companies and government programs — dominate the specialty pharmacy market in the United States since at 2008. If it performs better than a competing drug for the same disease, that’s information you can share with patients through advertising. Value sets provide a subset of standardized data elements needed for reporting and exchanging clinical information. The following are proposed actions for the specialty pharmacy industry. Data is valuable currency to your biopharmaceutical company. How are patients responding to your drug? For prescribers, the value is outcomes, and outcomes depend on adherence. Accreditation agencies should align data requirement with standards developed by NCPDP and other SDOs. Technology is also making it possible for patients to electronically report their experiences and outcomes directly to specialty pharmacies. We have therefore used various methods and primary sources to estimate the data. Depending on which forecasts you look at, the general consensus is that over the next few years specialty products will comprise 33-50% of all pharmacy benefit spending. Monitoring incoming patient status updates for data quality issues helps your SP Account Management team to implement weekly/monthly processes to review trends and hold SPs accountable to contractual obligations. Several services within SP are data dependent, with many of them being measured from an aggregate level, such as inventory control and patient services. Utilizing specialty pharmacy–provided physician dispensing data, drug utilization data, and de-identified patient demographic data leads to more effective use of their products. What are the reasons when patients discontinue your therapy? IQVIA's patented patient de-identification process enables the ability to aggregate anonymous patient-level information and integrate data from multiple sources so you can make more informed decisions. Determine if a specialty pharmacy needs to reposition as centers of excellence in key areas of practice. Our Specialty Pharmacy Analytics and SP Scorecards diagnose performance and identify actionable coaching opportunities. This allows pharmacists to access existing information on patients, such as labs, current medications, and doctor visits. How many times do your patients go to the hospital or emergency department? This blog has been crossposted from an original article published in May 2017 in Specialty Pharmacy Times. You need data to tell you how things out of your control are influencing the efficacy of your drug in a new patient population. Specialty pharmacies collect clinical and financial data. And he stressed the need to work with a pharmacy that has great data collection and reporting capabilities. Anecdotal reports from specialty pharmacy leaders working closely with manufacturers and payers report that many of these stakeholders are unable to specifically identify additional data they are interested in; however, they know it is important. facts. specialty pharmacy and delivered to their home. Specialty Pharmacy Data More Important Than Ever. These buyers want the best outcomes for the lowest cost. Discontinuation data is also important from a commercialization and brand strategy standpoint. Tokenbased - matching supports the creation of a longitudinal record of a patient’s specialty prescriptions, regardless of where the drug was dispensed. In a session presented by Pharmacy Times Continuing Education™ at the Asembia […] ... Cigna's Accredo/Freedom Fertility revenue accounted for 20 percent of all Rx specialty pharmacy … The United States Department of Health and Human Services, and associated entities, including the Office of the National Coordinator and the Centers for Medicare and Medicaid Service are driving implementation of data standards. SPECIAL NOTE: Patients with hearing impairments may choose to communicate with our staff via a National TTY-TTD telephone line at 711. The role of specialty drugs in the pharmacy industry; Our latest data on specialty pharmacy accreditation; Commentary on PBM’s role in the specialty industry; The data are drawn from our 2020 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers. . What side effects or adverse events are patients experiencing with your drug? Specialty Pharmacy data analytics that aggregate Specialty Pharmacy data with data from other sources can measure both the effectiveness of pharmacy care and product performance. Specialty pharmacy is a unique and complex sector of the health care industry. That puts pharmacies in a great position to gather information. Several industry groups are identifying clinical data elements for common specialty pharmacy disease states, including hepatitis C, rheumatoid arthritis, and multiple sclerosis. Products are dispensed by CVS Specialty and certain services are only accessed by calling CVS Specialty directly. Several industry groups are identifying clinical data elements for common specialty pharmacy disease states, including hepatitis C, rheumatoid arthritis, and multiple sclerosis. Data related to drug outcomes is essential in your commercialization plan. Puerto Rico requires first-fill prescriptions to be transmitted directly to the dispensing specialty pharmacy. Specialty Pharmacy Solutions for Patients and Caregivers. Specialty pharmacists work closely with the clinicians What actions did the pharmacy take to control those side effects? According to the American Pharmacists Association (APhA), "Historically, a pharmacy benefit manager (PBM) is a third-party administrator of prescription drug programs. Specialty pharmacy evaluation and defining service-level agreements. Electronic patient-reported outcomes systems—or ePROs—let patients use their laptops, tablets, smartphones and even pill-bottle sensors to send in their data. Quality organizations, such as the Pharmacy Quality Alliance (PQA), should expand quality measures for specialty pharmacy. And better outcomes strengthen your relationship with prescribers and build brand loyalty to your drug and your biopharma company. Specialty Drugs Replace Traditional Drugs as Growth Drivers . Specialty Pharmacy Data Analytics . Outlining clinical data standards would guide software vendors to develop solutions that allow the documentation, reporting, and exchange of clinical data consistently across the healthcare system. The Pharmacy HIT Collaborative works closely with federal partners, SDOs, and pharmacy professionals. The use of big data is by no means a new phenomenon in health care. *Specialty delivery options are available where allowed by law. For specialty pharmacies, data is critical to every aspect of operations. This data can be provided by phone, by email and by text. Maybe the efficacy of your drug peaks after a certain amount of time. MedicoRx® Specialty Pharmacy is licensed in the state of California. Specialty Pharmacy Is Different. Most importantly, the data collected by specialty pharmacies can improve the therapeutic value of your drug and lead to better outcomes for patients. *Make no mistake – the specialty pharmacy market is hot. To learn more about this upcoming release and how you can more easily understand the complicated market of specialty pharmacies, contact us and mention the Specialty Rx product. These data are reported in many different formats, which produces a time and cost intensive scrubbing process to make it actionable. So which data elements can be most helpful to your biopharma company? Pharmacies use clinical assessments to guide their talks with patients, which is also one of the main ways they collect data. Each time a pharmacy touches your patient, that touch is a chance to collect an invaluable piece of data for your biopharma company. She earned her bachelor’s degree in nursing and social work from Mars Hill College. It could be side effects, which pharmacies can help control. In-store pick up is currently not available in Oklahoma. deliver comprehensive data that’s pulled directly from patients’ electronic health records. What payer formularies include or exclude your drug? ©2016 Health Data & Management Solutions, Inc. Lower hospitalization and emergency visit rates mean lower long-term costs for patients on your medication. 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