The changing generic marketplace has an outsized influence on hospital pharmacy budgets; the ebbing generic wave combined with supplier contraction for many existing generic medications translates into fewer opportunities for price savings. Likewise, a strong focus by drug manufacturers on orphan products and specialty medications is driving significant increases in drug spend.
To analyze these trends and their impact on hospital pharmacy, Pharmacy Purchasing & Products conducted a survey of hospital pharmacy directors nationwide and received 386 responses, yielding a confidence interval of 4.82 (95% +/- 4.82). Additional data from this survey is available at www.pppmag.com/genericdrugs16.
The survey results underscore pharmacy’s growing emphasis on price as a key decision factor in every aspect of drug purchasing from choosing generic suppliers and adopting biosimilars, to managing specialty pharmaceuticals in-house. Just as new purchasing configurations and their attendant challenges arise, some of the usual predicaments pharmacy has faced in acquiring cost effective generics are abating. Recalls and shortages are at historic lows. Likewise, gray market purchasing looks to become a tactic of the past.
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