Applied Policy was pleased to join over 7,000 attendees at the 20th Asembia Specialty Pharmacy Summit (AXS24), held at the Wynn and Encore Las Vegas Resort in Las Vegas, Nevada, from April 28 to May 2, 2024. The event provided an excellent opportunity to connect with our friends and partners in the industry and engage in meaningful discussions on the future of specialty pharmacy.
In the dynamic pharmaceutical sector, the Asembia Summit has emerged as a cornerstone for the specialty pharmacy industry, providing a unique forum for stakeholders to address challenges, develop solutions, and shape the industry’s future. Each year, leaders and professionals from across the pharmaceutical supply chain gather to foster valuable business relationships that influence prescription fulfillment and drug delivery for millions of patients globally.
This year’s Summit delved deep into critical industry trends, dissecting regulatory pressures, commercialization hurdles, the transformative influence of artificial intelligence (AI), and the pivotal role of data-driven solutions in fortifying market dynamics.
Specialty Pharmacy Pipeline: A Realm of Progress
One of the focal points of discussion was the specialty pharmacy domain, which has witnessed remarkable advancement, particularly with the approval of rare and orphan drugs, oncology treatments, and traditional specialty medications. In insightful sessions led by industry leaders such as Ray Tancredi, RPh, MBA, CSP, Divisional Vice President of Pharma Relations and Specialty Pharmacy Development at Walgreens, and Doug Long, Vice President of Industry Relations at IQVIA, attendees gained comprehensive insights into the evolving pharmaceutical landscape.
Tancredi navigated the intricate specialty therapy pipeline, exploring trends spanning oncology, rare diseases, traditional specialty drugs, cell and gene therapies, and neurology. His analysis underscored the Food and Drug Administration’s persistent efforts in drug review and approval, shedding light on oncology’s prominence and the growing presence of neurological drugs. Tancredi also addressed emerging concerns such as metabolic dysfunction-associated steatohepatitis (MASH), offering a holistic view of the evolving treatment landscape.
Meanwhile, Long dissected current pharmaceutical market trends, drawing attention to the profound impact of GLP-1s and the dominance of specialty drugs, particularly in oncology, immunology, and HIV. He delved into challenges such as drug shortages and escalating prices within the supply chain, while also examining the growing significance of biosimilars and generics in cost management.
Inflation Reduction Act of 2022: Navigating Regulatory Shifts
Looking ahead to 2025, stakeholders grapple with the impending changes brought by the Inflation Reduction Act (IRA), particularly its implications for patient access, formularies, and manufacturer dynamics. These changes impact the liability of beneficiaries, manufacturers, and plans, adding a new dynamic to the already complex interaction between these groups, requiring adaptability in navigating the healthcare policy landscape.
AXS24 provided a platform for stakeholders to collaboratively address these changes, with sessions such as “2024 Election Policy Issues and the Patient Journey Ripple Effect: IRA, The War on Cancer, and More” offering insights into the future trajectory of this landmark legislation, the impact of its drug pricing provisions, and other policy issues shaping the landscape of drug coverage. Amidst ongoing electoral debates, the panel emphasized the need for pharmaceutical companies to brace for negotiations amidst the uncertainties surrounding the IRA.
Artificial Intelligence: Driving Efficiency, Innovation, and Access
Discussions at the Summit emphasized how financial imperatives are driving a paradigm shift in business strategies across various sectors. In response to financial pressures, traditional pharmaceutical hubs are increasingly integrating AI into their operations to enhance efficiency and cost-effectiveness.
Additionally, sessions such as ‘From Pipeline to Patient: Understanding Barriers to Access in 2024 and Beyond’ explored the impact of AI on patient access to medications. Industry experts highlighted the growing use of real-world data (RWD) and AI to address access challenges, underscoring their crucial role in navigating insurance coverage and affordability issues.
Looking Ahead: Asembia Summit 2025
AXS24 offered a valuable opportunity for industry peers to engage in meaningful discussions on emerging trends within the specialty pharmacy landscape. Staying current with the evolving specialty pharmacy sector not only enhances Applied Policy’s expertise but also strengthens our ability to advocate for our clients’ interests. We look forward to attending AXS25 in Las Vegas from April 27 to May 1 next year.