Specialty Pharmacy vs. Retail Pharmacy: What is the Difference? (2024)

What is Retail Pharmacy?

Visiting your local retail pharmacy is a common practice for most Americans. Retail pharmacies handle a variety of prescriptions and over-the-counter medications for treating common illnesses. Allergy treatments, high blood pressure medications, antibiotics, cold and flu remedies can all be obtained at retail pharmacies. Retail pharmacists can answer questions, help navigate symptoms, and give guidance to avoid side effects and drug interactions.

The term “retail community pharmacy” means an independent pharmacy, or chain pharmacy, that is licensed as a pharmacy by the State and dispenses medications to the general public at retail prices. These pharmacies are typically located all over the community for ease of access. The major differences between retail pharmacies and specialty pharmacies are the conditions treated and the medications dispensed.

What is Specialty Pharmacy?

While retail pharmacies are for short-term illness, specialty pharmacies work with patients and physicians to provide medications for chronic and more severe illnesses. Specialty pharmacies serve patients with serious health conditions who require complex treatment therapies. Because specialty pharmacies often treat patients with chronic conditions that require regimented medication protocols, they provide patients with more detailed education and patient care services that are required for their medications.

Specialty medications require extensive patient management and monitoring. Specialty Pharmacies have additional staff and services available to communicate with patients and physicians, which can help ensure medication adherence and increase the effectiveness of a treatment plan. Patient monitoring and frequent communication can keep patients up-to-date about changes or adjustments that may need to be addressed during a treatment plan.

Often patients with chronic conditions require multiple medications, and a specialty pharmacy will assist with supervising drug interactions, compliance, and side effects. Though numerous specialty medications are taken orally, many need to be injected or infused, making distribution, handling, and storage more complex. When needed, specialty pharmacies provide services that include training and consultations in how to use medications that are injected or infused.

Specialty pharmacies also go through extensive reviews to receive special accreditations. Accreditation means a specialty pharmacy has met standards for patient safety and quality control and gives patients assurance that extra safety methods are in place. Because specialty medications are often costly, specialty pharmacies also support patients who might face reimbursem*nt or financial challenges by investigating a patient’s benefits to confirm coverage and submitting the proper claims. Specialty pharmacies have access to extensive networks of financial assistance, subsidies, and manufacturer free-drug programs.

How to Choose a Specialty Pharmacy

PFSP Specialty Pharmacy provides patients and their physicians an exceptionally high standard of care with our growing team of specialized pharmacists and staff. Our dedicated team of pharmacists focus on improving adherence for patients and work to find an approach that works best for them. Bringing a fresh take on what a Specialty Pharmacy can and should be, we are committed to the care of our patients. We take pride in being an ethical resource within our community and strive each day to help our patients live enriching and full lives.

Specialty Pharmacy vs. Retail Pharmacy: What is the Difference? (2024)

FAQs

Specialty Pharmacy vs. Retail Pharmacy: What is the Difference? ›

The majority of medications dispensed by retail pharmacies need little explaining and aren't overly difficult for patients to manage. Specialty pharmacies focus on the complex and chronic. Conditions treated by retail pharmacies require a more hands-on approach.

What is the difference between retail pharmacy and specialty pharmacy? ›

The majority of medications dispensed by retail pharmacies need little explaining and aren't overly difficult for patients to manage. Specialty pharmacies focus on the complex and chronic. Conditions treated by retail pharmacies require a more hands-on approach.

What is the purpose of a specialty pharmacy? ›

Specialty pharmacy focuses on high cost, high touch medication therapy for patients with complex disease states. Medications in specialty pharmacy range from oral to cutting edge injectable and biologic products.

Why are specialty pharmacies cheaper? ›

Specialty pharmacies—who often supply these same providers when they purchase these medications themselves—simply ship a patient's physician-administered drugs directly to the provider ahead of his/her appointment, delivering the drugs quickly and conveniently when they are needed and typically at a lower cost.

What are examples of specialty pharmacies? ›

Some of the top Specialty Pharmacies in the U.S. include:
  • CVS Caremark.
  • Accredo.
  • Optum Rx.
  • Walgreens Specialty Pharmacy (Alliance Rx)
  • Humana Specialty Pharmacy.
  • Prime Therapeutics (BC/BS)
Dec 5, 2022

What are the three types of pharmacy? ›

9 types of pharmacies
  • Hospital pharmacy. Those who work in hospital pharmacies typically specialize in outpatient or inpatient pharmaceutical services. ...
  • Clinic pharmacy. ...
  • Industrial pharmacy. ...
  • Retail pharmacy. ...
  • Home care pharmacy. ...
  • Assisted living pharmacy. ...
  • Mail-order pharmacy. ...
  • Regulatory pharmacy.
Mar 3, 2023

Who is the largest specialty pharmacy? ›

Despite the wide diversity of industry participants shown by the accreditation figures, the top three companies accounted for two-thirds of prescription revenues from pharmacy-dispensed specialty drugs: CVS Health, Cigna, and UnitedHealth Group.

Who pays specialty pharmacy? ›

A specialty pharmacy is available to Blue Shield members with an outpatient prescription drug (pharmacy) benefit. Specialty pharmacies fill prescriptions used to treat certain complex or chronic conditions that usually require close monitoring and special handling.

What is one of the distinctions of specialty pharmacies? ›

A specialty pharmacy works with patients who are more medically involved or complex to improve clinical outcomes. Cancer patients, organ transplant patients, or those with inflammatory conditions are examples. These patients need close monitoring and regular contact.

How do speciality pharmacies make money? ›

Dispensing fees: Specialty pharmacies charge a fee for dispensing medications, which is typically covered by insurance plans or paid out of pocket by patients. Reimbursem*nt from insurance plans: Specialty pharmacies receive reimbursem*nt from insurance plans for medications and services provided to patients.

Why do pharmacies not like GoodRx? ›

“Pharmacies hate GoodRx's system since they lose money from the potential profit, they would have made from cash paying customers and then also lose money when they pay a fee for selling to a patient who might have used their pharmacy anyway,” says Dr. Fein.

Can you use GoodRx at a specialty pharmacy? ›

Use GoodRx to look up prices and discount coupons at Walgreens Specialty Pharmacy and save up to 80% on your prescriptions. Just search for your medication and we will show you the cost at various pharmacies near you along with free coupons to save you money.

What is the difference between CVS and CVS speciality? ›

CVS Specialty offers a higher level of support than traditional retail pharmacies. You'll have access to a CareTeam, which includes clinical pharmacists and nurses who are specially trained for conditions like yours.

Does Medicare use a specialty pharmacy? ›

As a Medicare Part D member, with access to our large pharmacy network, you may fill your specialty medication at any pharmacy that is able to obtain the drug. Specialty pharmacies work exclusively with handling and administering complex specialty medications.

Why do I need a specialty pharmacy? ›

A specialty pharmacy provides medications used to treat rare or complex health problems. Many times, these meds aren't used by many people, so a local pharmacy wouldn't keep them in stock. These medicines may also: Need special handling by the pharmacist and you (special storage or dosage instructions, for example)

How to choose a specialty pharmacy? ›

Education and Resources. Specialty drugs often require extensive patient education to understand proper use, side effects, and symptoms. Choosing a Specialty Pharmacy that offers education to inform and advise patients of a medication's proper use, as well as, resources to remind and coach patients, is critical.

What is the difference between CVS pharmacy and CVS Specialty? ›

CVS Specialty offers a higher level of support than traditional retail pharmacies. You'll have access to a CareTeam, which includes clinical pharmacists and nurses who are specially trained for conditions like yours.

What is the difference between a retail pharmacist and a clinical pharmacist? ›

Clinical pharmacists delve into patient care, optimizing medication therapy in collaboration with the healthcare team, whereas staff pharmacists primarily focus on accurately dispensing medications and providing essential healthcare advice, mirroring the foundational necessity of accurate medical coding in pharmacies ...

What is another name for a retail pharmacy? ›

Also known as a retail pharmacy, the community pharmacy is the most well known type of pharmacy. It is this type that is most traditionally known as the pharmacist or chemist shop.

Is Walgreens a retail pharmacy? ›

Walgreens is one of the nation's largest drugstore chains within the U.S. Retail Pharmacy Segment of Walgreens Boots Alliance, Inc. (Nasdaq: WBA). WBA is an integrated healthcare, pharmacy and retail leader serving millions of customers and patients around the world.

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