What’s New in the Pharmacy Industry?: The Top Pharmacy Trends of 2019

What’s new in the pharmacy industry this year? Check out this guide to learn about the top pharmacy trends of 2019.

This year is shaping up to a big year in the pharmacy world. The pharmacy trends we see now will result in more significant profits for business and better service for consumers.

The pharmaceutical market is continuing to grow, so we can expect to see these new developments continuing after 2019 is over.

But some advancements are more important than others.

Below are the five trends you should watch out for in 2019.

1. More Transparent PBM Business Practices

Healthcare costs have become a considerable concern in the United States in recent years. Consumers are demanding the government do something about it.

This concern has led to a lot of regulatory changes that will be pressuring pharmacy benefit managers to be more transparent with their pricing.

This transparency is good for both consumers and stakeholders. More transparency in business practices ensures that you can follow the money.

This trusted provider is an excellent example of a pharmacy providing lower prices.

2. Emphasis on Value-Based Care

Reimbursement rates for medication have been on a downward trend for years. This trend has led to the creation of new reimbursement models that can help patients and provide better profits for companies.

Instead of relying on a fee-for-product model, things are shifting to an outcome-based reimbursement model. This change means your paying for more than your medication.

Reimbursement happens when a patient uses their medication and has improved health as a result.

3. More Convenient Healthcare

Technology has brought many changes to other industries in the past 10 years. It was only a matter of time before it started to change things in the health space.

New communication tools are creating more ways for you to interact with your patients. You don’t need them to come into the office to get advice.

Patients can now use mobile apps for quick diagnosis sessions that save both you and your patient time. Patients can also now handle their prescription medications on their phones and can get home-delivery of their prescriptions.

4. More Specialty Drug Spends

Several new specialty drugs are entering the market in 2019. Pharmacies will need a way to provide these to their customers and get reimbursement for them.

Unless you are in a network that provides these drugs, you may have a hard time sourcing them. Many of the specialty drugs target specific disease states, so they are harder to come by.

5. Better Use of Data

Big data has changed everything. Most pharmacies now have more data than they can handle.

The advances in machine learning have made it possible to use this data to create better products and provide better service.

Once the systems are in place to make good use of data, pharmacies can start developing methods to use their data to meet customer needs better.

Make Sure You Keep Up With Pharmacy Trends

As we head to the future, expect even more changes in the pharmacy world. You need to keep up with the latest pharmacy trends so you can get the most bang for your buck.

Are you looking for more trending news? Head over to the news section for the latest information.