Specialty Pharmacy
Specialty pharmaceuticals are high-cost drugs used to treat chronic diseases. Although they are used by less than one percent of the patient population, specialty pharmaceuticals currently represent approximately 20 percent of total drug costs and are growing at more than 20 percent per year. Introduction of new drugs to the marketplace, broader applications for a wide variety of illnesses and increasing demand by an aging population are continuing to drive growth in this specialty health market. And, with nearly 50 percent of all drugs in development classified as specialty, it’s easy to understand why our health plan customers have told us that managing specialty pharmacy costs is among their top two priorities.
ICORE Healthcare
ICORE Healthcare, a subsidiary of Magellan Health Services, works with health plans to manage specialty drugs used in the treatment of cancer, multiple sclerosis, hemophilia, infertility, rheumatoid arthritis, chronic forms of hepatitis and other diseases . Like Magellan, ICORE’s business is rooted in a commitment to clinical excellence, high quality customer service and operational efficiency. ICORE serves health plan around the country representing more than 60 million members.
ICORE provides a range of integrated services, including:
- Contracting and formulary optimization - Health plans are offered a preferred formulary for specialty pharmaceuticals that is based on sound clinical practice while also factoring in cost implications. ICORE is unique in the marketplace in that in conjunction with our approach to formulary development and contracting, we build collaborative relationships with the physicians who prescribe specialty drugs. ICORE's management team includes pharmacists and oncology experts who have the background and expertise to understand the needs of oncologists and other specialists.
- Specialty pharmacy distribution - Specialty drugs are typically administered through injections or intravenously, frequently in a patient's home or a doctor's office and often require special handling. ICORE specializes in distributing specialty drugs to patients in their homes or to physicians' offices. Through our interactions with providers and patients during the distribution process, we are better able to support compliance with our customer health plan's formulary selections.
- Strategic consulting - Designed to provide value to a variety of stakeholders in the specialty pharmaceutical realm, our consulting services include market research, data analytics, reimbursement strategies, operational improvements and new product entries.
- OnCore - Currently in development, this product focuses on providing oncology-specific strategies to help health plans manage their oncology costs.