Compounding pharmacies are held to the same standards as generic and brand-name drug manufacturers, but unlike their counterparts, they don’t require FDA approval to begin making a new drug. This can allow hospitals to get drugs in short supply sooner by months, according to the Journal.
“Almost every time there is a fear of some new shortage, we turn immediately to the compounders and say, ‘What do you have for our needs for this?'” Eric Tichy, PharmD, division chair of pharmacy supply chain at Rochester, Minn.-based Mayo Clinic, told the outlet.
Despite quality concerns, the market for compounding pharmacies seems to be growing. By 2030, it’s estimated to grow to be worth $8.8 billion, according to Global Market Insights.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
