BioScrip Pharmacy Accredited
BioScrip Inc. (BIOS – Analyst Report), a health care-related company recently received accreditation for its specialty pharmacy and mail service pharmacy from Utilization Review Accreditation Commission (URAC), a Washington-based health care accrediting organization that establishes quality standards for the health care industry.
URAC reached its decision after conducting a detailed review considering 146 parameters on BioScrip’s customer service and clinical pharmacy processes. Ensuring BioScrip’s positive approach towards healthcare needs, this award is expected to improve the company’s position in the specialty pharmacy industry.
BioScrip’s specialty pharmacy and mail service pharmacy provide condition-specific clinical management, distribution and reimbursement programs of oral, injectable, and IV drug products for individuals suffering from chronic conditions.
BioScrip, in partnership with healthcare payers, pharmaceutical manufacturers, government agencies and physicians strive to deliver cost effective programs to patients. Presently with all its efficiencies, competencies and high rate of usage of chronic medicines, specialty pharmaceuticals have become the fastest growing segment.
In the fourth-quarter of fiscal 2010, BioScrip recorded a 31.9% year over year increase in total revenue with a 12% rise in pharmacy revenues. However, in recent quarters the company has been witnessing disappointing margins driven by pricing concessions on specialty drugs, rising reimbursement expenses, the new industry-wide AWP standard and poor macro economic conditions. The highly leveraged balance sheet continues to remain a matter of concern for BioScrip.
Moreover, the company faces significant competition in the pharmaceutical healthcare services industry from players like CVS Caremark (CVS – Analyst Report), Medco Health Solutions (MHS – Analyst Report) as well as many smaller organizations that operate on a local or regional basis.
However, the company has adopted a new strategic assessment policy that might lead to an improved revenue scenario going forward. Also the success at the Critical Homecare Solutions business is expected to improve BioScrip’s competitive position.
The company is focused on expanding its business through sales force expansion and further contractual agreements in new markets. Although several issues have been witnessed by the company in the past few quarters, with the gradual recovery in the economy, the situation could improve.
Walgreens Vice President of Clinical Affairs Examines Impact of Growing Specialty Pharmacy Industry at Pinsonault Associates Managed Markets Summit
Walgreens Vice President of Clinical Affairs Dr. David Lorber discussed key trends in specialty pharmacy today at the Pinsonault Associates Managed Markets Summit in Miami. The session, titled “Employer Issues in Specialty Pharmacy,” examined the impact for payers, including the role of adherence in cost management and containment, benefit and coverage decisions, formulary and medical policy, pipeline management, provider network and member satisfaction and disruption.
“As more people rely on specialty pharmacy medications, the health care industry needs to place an emphasis on cost control, appropriateness of care, adherence and waste management.”
Specialty medications include complex treatment regimens and medications that require special delivery, storage and handling. Depending on the condition and prescribed therapy, these medications may be taken orally, intravenously or self-injected. There is also enhanced clinical management to monitor medication adherence, side effects and dosage changes. Specialty prescriptions typically cost about $2,000 for a 30-day supply, which is 28 times the traditional retail prescription. Approximately 3-5 percent of the population takes a specialty medication, and that number is increasing.
“Specialty pharmacy is one of the most rapidly growing segments of total drug spending, which brings both concern as well as opportunity for enhanced efficiencies,” said Dr. Lorber. “As more people rely on specialty pharmacy medications, the health care industry needs to place an emphasis on cost control, appropriateness of care, adherence and waste management.”
Dr. Lorber discussed a case study that showed consistent patient adherence can result in savings. Walgreens multiple sclerosis patients adherent to medications, when compared to less adherent patients, resulted in savings of about $1.1 million for a large national insurance payer for the 801 patients over the two-year period. The same case study also showed higher adherence reduced costs related to multiple sclerosis emergency room visits, inpatient stays and use of durable medical equipment.
“Improving the health and well-being of patients can be accomplished by providing convenient access to drugs and ensuring there is a consistent and coordinated care management programs,” said Dr. Lorber. “Patient counseling and education by trained pharmacists and nurses, like those at Walgreens and Take Care Health Systems, translates into fewer office visits as a result of improved adherence. Proactive patient monitoring also drives early recognition of, and response to, adverse drug reactions and side effects, resulting in improved outcomes.”
Walgreens specialty pharmacy offers patient assistance coordination, multiple distribution channels, strong manufacturer relationships, advanced clinical programs, cost management programs and access to limited distribution drugs.
Dr. Lorber joined Walgreens as the vice president of clinical affairs in November 2010 and is responsible for clinical oversight and consistency of Walgreens clinical programs. Previously, he was vice president of medical affairs for CVS Caremark. Prior to joining CVS Caremark, Dr. Lorber was medical director at Blue Cross Blue Shield of New Mexico in Albuquerque and a private practitioner in pulmonary, critical care and internal medicine. He has held numerous positions in community leadership and professional organizations including president of the New Mexico Chapter of the American Thoracic Society and faculty appointments as assistant clinical professor of medicine with the University Of New Mexico School Of Medicine, and as assistant professor with the University of Arizona Medical Center in Tucson and the Tucson VA Hospital.
Monitoring System to Help Curb Prescription Drug Abuse
With prescription drug abuse on the rise in Maryland and across the country, a new monitoring system in the state is expected to help the issue.
The Maryland General Assembly passed a bill last week that would allow pharmacies to use a database system to input customer information and the type of medication they’re being prescribed that people in the health industry can gain access to.
Currently people will abuse pain medication and will go to great lengths to do so. This has become known as “doctor shopping.” A person will go to one doctor and get pain medication prescribed to them that is meant to last a couple weeks. That same person will then go to a different doctor or hospital emergency room days later and have the same medication written for him or her. The doctor does not realize the patient had the same medication prescribed days prior. The patient will also go to a different pharmacy to get his or her medication.
Often times the person getting this medication will use it themselves, or sell them on the street. Pain medicines- narcotics in particular- have high value on the street.
The new monitoring system in the state will allow doctors and pharmacists to put in a person’s name and if they have gotten medication in the previous days that should have lasted a while, the prescription will not be filled.
It’s unclear when this new system will be available to pharmacists and doctors.