What is a specialty drug?

A specialty drug is defined as a medication that is typically expensive and used to treat complex or rare conditions. These drugs are often characterized by their high cost, the need for special handling, specific storage requirements, and complex administration procedures. They are generally prescribed for conditions such as cancer, multiple sclerosis, rheumatoid arthritis, and some rare diseases that may not respond well to standard treatments.

The importance of this classification lies in the fact that specialty drugs often require close patient monitoring and sometimes involve complex management protocols, contrasting significantly with more common medications that tend to be less expensive and are used for widely prevalent health issues. Understanding the unique characteristics of specialty drugs is crucial for healthcare providers, payers, and patients to ensure proper management and coverage of these therapies.