Your pharmacy model is not only a critical part of your patient care cycle, but should also be a source of upside revenue.
Overall, the 340B program is experiencing double-digit growth rates which you can also achieve when your model is tailored to your facility and community needs. Below we look at some 340B market statistics and trends – are you taking advantage of these?
The 340B boom
In their white paper 340B Sales Forecast: 2016-2021 Berkley Research Group (BRG) estimated sales growth of the 340B program through 2021. As you can see from the numbers in the following graph, the BRG estimates appear conservative.
Separate analysis conducted by the Drug Channels Institute shows how quickly the 340B market has grown between 2012-2017, with a compound average growth rate of 22.8% for the period. [Click image to expand]
They further estimated that 340B made up at least 6% of total market in 2017.
So what’s driving the growth?
One key area is the specialty drugs market.
Earlier this year, BRG presented 340B Update: Recent Trends and Outlook for the Future. In the presentation, they discuss intersecting trends in oncology and 340B, and the growth in specialty pharmacies to cater for specific populations.
Whether it’s in-house or contracted, most FQHCs have a population that can benefit from specialty pharmacy.