The 340B pricing program for pharmaceutical drugs has grown remarkably in the last decade. In the last year alone, the sales of drugs under this program have increased by 13%%, with the market worth exceeding $80b.
The stakeholders have planned strategically well to execute this program to achieve a massive turnover. In this blog, we shall understand the driving factors that gave such a boost to the 340B pricing program.
Top Growth Drivers of 340B program
The drug pricing program has received a massive response from all the medical sectors. It was accepted by most of the pharmaceutical companies, as they were able to see the lucrative growth opportunity it presented. The driving factor for the growth can also be contributed to smart strategies that were focused on increasing the market share.
Increased Participation for 340B program
The 340B covered entities have grown these days. The number of institutions earlier was 3600 and now it has raced past 5000. The locations, number of sites has grown at least 7 times than in the previous 10 years. The institution’s partners are offering excellent services to the patients too.
There are authorized third-party administrator services where the health service providers and clinics can check their eligibility. MediraRx can help you manage the entire 340B program effectively with their digital cloud platform. The online software solution shall be your one-stop answer for executing the program effectively in your institution or clinic. They are operating currently in 14 states.
Pharmacy’s Relationship with healthcare centers
To sell the drugs for lower costs, the institutions or clinics must have an in-house pharmacy. Since this is a new strategy was developed, the provider and pharmacy relationships have also grown significantly these days.
More importantly, the healthcare centers can focus on their core services, and allow the pharmacy to take control of the drugs procurement and inventory management. In the last 5 years, many new pharmacies have enrolled themselves in this 340B pricing program.
Vast Geographical reach
This is one of the main reasons why 340B program has seen such remarkable success and growth. The rural centers have increased their pharmacy network. Moreover, the patients can easily fill the prescriptions from any remote location as well.
The system also comes with advanced tracking systems for the patients. They get quicker approvals after their eligibility for buying the drugs is established. So, it ideally eliminates most of the hassles. Excellent services offered to the patients have also been a driving factor for increased turnover.
Less Timeless Frustration
In the past, the approvals used to take a long time because of the slow movements of documents and verification. At that time, patients did lose hope in the 340B program. Now since the verification and information transfer happens through the digital platform, the process of approvals happens faster. It makes way for all the covered entities to procure drugs with more ease.
The most important growth factor is the awareness among the people and the providers. The 340B pricing program makes it possible to get expensive medications at discounted costs. They have started believing and trusting this system which is aimed at benefiting all the involved stakeholders.