Any good business plan involves thorough research into the market potential for the proposed business idea, including what demand there is for the products and services proposed. Creating a home infusion pharmacy business plan is no different. So, what factors are involved in discovering the demand for home infusion services and its potential revenues?
Let’s start by looking at the home infusion market in general and what growth it has seen over the past 5 to 10 years. From 2010 to 2019, according to data from the National Home Infusion Foundation (NHIF), the revenue associated with the home infusion industry has grown by 310 percent. The NHIF estimates in 2019 that there were 3.2 million patients served, with only 974 unique home infusion providers to serve them.
That’s a definite, measurable growing demand for home infusion services, with plenty of room for other providers. The industry’s estimated value is $19 billion annual net revenue with only 974 unique providers in the market. Besides the growth in general, you would also need to research the demand for specific infusion therapies provided by home infusion pharmacy businesses.
Growing Therapy Diversity and Demand for Home Infusion Therapy
Most home infusion pharmacy businesses already provide a diverse number of therapies for their patients ranging from nutritional therapy to specialized therapies, like immune globulin therapy. But even more therapies will become available for patients in the near future. According to www.clinicaltrials.gov, an estimated 280+ infusion drugs are in Phase I/II development, and almost 100 of those infusible drugs are in Phase III review.
Not only are new infusions becoming available, but also clinical applications for current therapies are expanding. Intravenous immune globulin (IVIG) sales have increased ten-fold since 1990, according to BioSupply Trends Quarterly. Dozens of new clinical trials addressing immune-mediated disorders are evaluating IVIG therapy.
While some therapies expand with new applications, many also grow simply with increasing patient numbers. For example, many infusion therapies treat chronic diseases that are growing at an alarming rate. According to the CDC, six in 10 adults in the US have a chronic disease. Some examples of these are Crohn’s Disease, hemophilia, immune deficiencies, multiple sclerosis, rheumatoid arthritis, and more.
According to the NHIF, all traditional (non-specialty) therapies experienced 104 percent growth or more in unique patients served from 2010 to 2019. Unique parenteral nutrition patients grew 241 percent with anti-infective patients growing 427 percent in the same time span. The largest traditional therapy patient growth, however, was seen in the “Other” therapy category. The “Other” traditional therapy category includes non-biologic therapies like steroids and anti-emetics.
How Vital Care Capitalizes on Demand for Home Infusion Therapy
Vital Care differentiates itself in the home infusion market using its organizational systems and established relationships with suppliers and payors. Being in the home infusion market since 1986, Vital Care has a stellar reputation for quality and compassionate care. In 2019, 98% of patients would recommend Vital Care to their own friends and family after receiving home infusion services from their local Vital Care franchise.
To meet the growing demand for home infusion and maintain high patient satisfaction scores, Vital Care implements a multidisciplinary approach to their organization. A team of specialists in pharmacy, nursing, quality management, franchise development, and revenue cycle management leads Vital Care in every decision and strategy. This multidisciplinary approach boosts each Vital Care franchise owner with additional insight and support. This is why Vital Care locations provide the most progressive infusion services to each and every patient while enjoying consistent revenue streams.
Vital Care’s corporate office holds monthly financial reviews with each pharmacy location and their Financial Services team. The willingness for teamwork throughout departments sets Vital Care apart from competitors. This multidisciplinary teamwork approach has garnered much growth and allowed Vital Care to become a leader in the home infusion industry.
Is the Demand for Home Infusion Therapy Being Met in Your Community?
Most importantly, in your own local community, many patients could be lacking access to high quality, compassionate home infusion therapy services. When you reach out to the Vital Care franchise development team, they provide you the information needed to assess whether there is a home infusion pharmacy business opportunity near you or in your desired service location.
If you are ready to discover your home infusion pharmacy business opportunity, reach out to us on our contact page. We will give you a call and get to know you and your business goals.
In the meantime, you can review the Roadmap to Open a Vital Care Franchise to learn more about our stringent franchise awarding process and see how you can become a Vital Care franchise partner.
