Welcome to Extreme Investor Network, your go-to source for all things business news and investment opportunities. Today, we have some exciting news to share about Walgreens and their latest venture into cell and gene therapy services.
Walgreens announced that they will be working directly with drugmakers to bring cell and gene therapies to U.S. patients. This move is part of a broader expansion of their specialty pharmacy services, with the launch of a new business unit dedicated to their specialty pharmacy segment. This unit will include their specialty pharmacy subsidiary, AllianceRx, and will fall under their core U.S. retail pharmacy division.
Specialty pharmacies have become increasingly important in the U.S. health system, particularly as chronic diseases become more prevalent. These pharmacies provide medications that require extreme care in handling, storage, and distribution, often for patients with chronic, rare, or complex conditions such as cancer, Crohn’s disease, and HIV.
As part of their investment to transform their specialty pharmacy services, Walgreens will be opening a newly licensed facility in Pittsburgh dedicated to services for cell and gene therapies. This 18,000-square-foot center will help drugmakers and health-care providers navigate the complex supply chain for these treatments and manage patient needs.
The decision to launch cell and gene therapy services comes after a surge in approvals of these drugs in the U.S. and the European Union. These one-time, high-cost treatments target a patient’s genetic source or cell to cure or significantly alter the course of a disease. The FDA approved seven cell and gene therapies last year, with the expectation of reviewing and approving even more by 2025.
Walgreens’ newly launched business unit is the largest independent provider of specialty pharmacy services, generating approximately $24 billion in revenue. With the flexibility to contract dynamically with any payer, including pharmaceutical manufacturers, Walgreens aims to ensure a smooth start to treatment for patients.
Patients of AllianceRx and Walgreens’ nearly 300 community-based pharmacies now have access to resources that enhance the expert care they receive from their specialty pharmacist, including clinicians with key disease expertise, nutritionists, and nurses. Walgreens’ community-based specialty pharmacies offer specialty drugs faster than the industry average, along with services such as injection training and side-effect management.
With over 1,500 specialty pharmacists, 5,000 patient-advocacy support team members, and a wide range of specialty drugs available, including limited distribution drugs, Walgreens is well-positioned to lead in the specialty pharmacy space.
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