Key Takeaways from NASP 2024

The 2024 National Association of Specialty Pharmacy (NASP) conference showcased a landscape of rapid innovation and evolving industry trends. The conference brought together multiple stakeholders from the biotech industry and the opportunity to connect on hot topics. Archbow Consulting captured the following takeaways from our many client conversations and engaging panel sessions:

The Rise of AI and Technology in Specialty Pharmacy

One of the most striking themes at NASP 2024 was the abundance of AI and technology firms demonstrating their ability to automate and streamline specialty pharmacy operations. From chatbots and virtual assistants to advanced analytics platforms, these tools are poised to potentially revolutionize patient care, improve efficiency, and reduce costs. Carefully understanding how best to engage with these new service vendors is essential to realizing their full potential for specialty pharmacies, HUBs, and pharmaceutical manufacturers.

The Importance of Value-Based Contracting (VBC) for Cell and Gene Therapies (CGT)

As cell and gene therapy advances, so does the need for innovative payment models that align incentives and reward outcomes. At NASP 2024, there was a strong emphasis on value-based contracting as a crucial mechanism for ensuring the long-term sustainability of these therapies.

Value-based contracts and/or Alternative Payment Models (APMs) should be market-driven solutions that align affordability, net value, payment terms, and stakeholders’ risk and facilitate patient access and care. It is widely acknowledged that CGT products provide value, but the unanswered question is how to validate and prove the value based on clinical outcomes cost predictability. VBCs and APMs offer a promising approach to addressing the high costs associated with cell and gene therapies. By shifting the focus to documented value, these arrangements can encourage the development of more effective and efficient treatments while ensuring equitable access for patients.

The Evolving Role of IDNs and HSSPs

The continued evolution of Integrated Delivery Networks (IDNs) and Health System Specialty Pharmacies (HSSPs) was another major topic of discussion at NASP 2024. These entities are increasingly gaining traction with pharmaceutical manufacturers as they offer a unique combination of EMR connectivity, clinical expertise, and patient access. IDNs and HSSPs are well-positioned to play a central role in delivering specialty medications, particularly as the industry shifts towards value-based care models. Unfortunately, many IDNs and HSSPs are still building out enhanced services such as data reporting and custom clinical programs, expected and required by pharmaceutical manufacturers, to access limited distribution drugs. We will continue to monitor how these potentially significant vendors evolve to meet the needs of manufacturers.