The generic drug tidal wave became a tsunami in 2012, with some of the world's top-selling pharmaceuticals swamped by generic competition, and health plan payers scrambling to reap billions of dollars in financial savings.
By the time it had unveiled the latest evolution of its hot, new Wellness store concept this fall in Lemoyne, Pa., Rite Aid was coming off seven consecutive quarters of Adjusted EBITDA and same-store prescription count growth — the strongest growth period for the company in several years.
Generic Pharmaceutical Association president and CEO Ralph Neas called it “the most important pharmaceutical legislation since the 1984 Hatch-Waxman Act.” John Castellani, president and CEO of the Pharmaceutical Research and Manufacturers of America, said the law served “the best interests of America’s patients.”
New applications based on advances in telemedicine and mobile health technology are proliferating as pharmacy providers, physicians and health plans find new ways to connect with patients who are homebound or in remote locations. The result is to extend access to care, improve convenience and lower health delivery costs.
It’s a marriage of industry icons. In June, Walgreens finally made a long-awaited leap across the Atlantic to acquire British-based Alliance Boots, one of the world’s premier retailers of pharmaceuticals, health and beauty aids, and beauty care products.
For decades, community pharmacy has waged a tireless campaign to gain recognition as an equal partner on the nation’s healthcare delivery team, and support for the role pharmacists can play as front-line patient care advocates.
When Walgreens and Express Scripts finally came to terms and agreed to again do business with each other in mid-2012, it marked the formal end of one of the costliest disputes in the history of pharmacy retailing and managed care.
In 2011 and 2012, the steady surge of blockbuster pharmaceuticals falling off the patent cliff became a stampede. An astonishing number of big-selling drugs that had established and sustained branded drug makers’ profits for years fell victim to the expiration of their patent lives and market exclusivity, roiling the pharmaceutical marketplace and redefining the pricing model for many of the most widely prescribed classes of medicines.