Walgreens Specialty Pharmacy, a newly launched $24 billion business, combines innovative gene and cell services with Walgreens’ existing pharmacy assets, including the renowned specialty pharmacy and home delivery business, AllianceRx. This strategic move, effective August 1st, is part of Walgreens CEO Tim Wentworth’s plan to revitalize the company’s financial performance by expanding healthcare services in-store and bolstering the lucrative aspects of pharmacy.
The creation of Walgreens Specialty Pharmacy dispels rumors of the company’s potential exit from the specialty pharmacy sector. Walgreens Chief Pharmacy Officer, Rick Gates, emphasizes that the new entity, with its annual enterprise specialty revenue of approximately $24 billion, is the largest independent provider in the industry, offering comprehensive specialty capabilities that are not vertically aligned with any pharmacy benefit manager.
Walgreens Specialty Pharmacy encompasses a wide range of services, including a gene and cell services pharmacy and innovation center, four central specialty pharmacies, and nearly 300 community-based specialty pharmacies nationwide. The company’s team of over 1,500 specialty-trained pharmacists and 5,000 patient advocacy support team members provides personalized guidance and care to patients with serious health conditions.
This announcement precedes the Asembia AXS24 Summit, which highlights the growing significance of specialty pharmacies in the U.S. health system. Specialty medications account for a small percentage of prescription volume but contribute to a substantial portion of total pharmacy spending. Walgreens Specialty Pharmacy aims to address the complexities associated with these therapies, including specialized administration, storage, and patient support.
