How to Start a Specialty Pharmacy

If you attend pharmacist events or read pharmacy magazines, you've most likely come across the term “specialty pharmacy” (which refers to pharmacies that cater to patients who need specialized and usually high-cost medications for cancer and other diseases). You may also have heard that this type of business allows owners to reap financial rewards and that it will continue to grow at a steady rate in the future.

All of these info may inspire you to set up your own specialty pharmacy. But how exactly can you start one? Well, you can begin by taking the following steps: 

Do your research

It's hard to be successful in something that you don't know much about. So, before taking any step, you should first do your research and learn more about the specialty pharmacy industry. Find out how much you can expect to earn every year, and get more information about the challenges that you'll face in setting up and managing this type of business. If you can, speak with specialty pharmacy owners to know how they've become successful and get useful tips. By arming yourself with the right knowledge, you'll minimize setbacks and increase your chances of achieving success.

Decide how you'll approach the business

There are two major ways to start a specialty pharmacy: set up one on your own or partner with existing healthcare systems. The DIY approach is advisable if you want to have the freedom to run your business according to your own terms and if you have the skills and experience to set up your own specialty pharmacy. Building a partnership, meanwhile, is recommended if you're not confident with starting a specialty pharmacy by yourself and if you'd like to have a business model that has been tested and proven to be effective.

Choose a condition to focus on

The specialty pharmacy industry covers a wide range of disease states, such as cancers, cystic fibrosis, AIDS, multiple sclerosis, osteoarthritis, and pulmonary hypertension. You can choose to provide services for all of these conditions, but it's always advisable to focus on just one disease state. On top of that, many experts recommend that you concentrate on providing a limited number of specialty drugs.

These may go against the traditional retail principle of selling as many products as you can, but remember that managing a specialty industry is complicated. You'll be dealing with advanced biotech drugs and injectable medications that have strong side effects and adverse effects and may interact with other prescriptions, which means you must carefully administer them and monitor your patients. Of course, you'll be dealing with people who are already in fragile health and must be provided with excellent care. By specializing in just one disease state, you can focus your time and attention on properly caring for the patients who visit your specialty pharmacy and provide them with the best possible experience.

Obtain the required permits, licenses, and accreditation

The government as well as insurance companies will require your specialty pharmacy to have certain accreditation before they provide reimbursement. Many manufacturers will also require you to have accreditation before they'd supply you with medications. So, get in touch with accrediting bodies such as URAC to find out how you can get your specialty pharmacy accredited. 

Starting a specialty pharmacy isn't easy. But, by taking the right steps, you can get your business off the ground and ultimately enjoy the benefits it offers.