It's time for employers and their brokers and consultants to be thinking about the years ahead. I recommend starting by taking a look at your specialty pharmacy drug program. While prescription costs overall are expected to rise nearly 10% in 2024, the specialty drug trend is closer to 15% according to one projection. And even though weight loss medications like GLP-1s may not be considered traditional "specialty," their growing popularity for weight loss, and necessity for diabetes, means employers must plan now for how to cover and manage these complex medications.

What's more, a recent pharmacy benefit manager customer satisfaction survey by PSG found that just 51% of respondents are satisfied with management of specialty medications in the medical benefit. What may be more telling: 26% of respondents said they "didn't know," a possible indication that specialty remains a mystery for many employers. 

I've worked in specialty for 18 years, which is most of my career. It can be a confusing space, but understanding a few basic principles of specialty can help employers and their brokers and consultants navigate it. Here are three things to know about specialty going into 2024: