It’s a Specialty Drug World, We’re Just Living in It, Expert Says
The difference between specialty drugs and traditional drugs and how each have vied for market competition, according to Jeff Casberg, MS, RPh, senior vice president of clinical pharmacy services at IPD Analytics.
The specialty drug market now accounts for approximately 80% of drug approvals, according to Jeff Casberg, MS, RPh, senior vice president of clinical pharmacy services at IPD Analytics, who recently sat down with Managed Healthcare Executive to talk about specialty drugs.
Casberg explained that while there is no textbook definition for what a specialty drug is, his company, IPD Analytics, has their own definition.
“When we get asked how we define it, we talk about high cost, high touch, basically any drug that you probably want to have a little extra guidance on, beyond retail. Now, about 80% of all approvals are considered specialty. So, there are not that many traditional drugs approved, depending on how you define it.”
The term “specialty drug” has its roots in the 1970s, when the industry formed to serve patients who needed specific treatments for conditions such as hemophilia or cancer. The recent rapid growth is fueled by technological advancements for new treatments.
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