Pharmacy benefit manager-affiliated specialty pharmacies continue to dominate the market, with the top three companies accounting for two-thirds of prescription revenues in 2025, according to an April 21 Drug Channels report.
Here are five things to know:
1. The market remains highly concentrated: The report analyzed the top 15 specialty pharmacies by dispensing revenue and found concentration persists despite growth in accredited locations, which exceeded more than 1,900 in 2025, up 3% year over year and more than five times higher than in 2015.
2. Specialty drug spending continues to rise: Specialty pharmacies collectively dispensed $293.4 billion in drugs in 2025, a 9.6% increase from the previous year.
3. PBM-owned entities dominate revenue: Pharmacies tied to PBMs and major insurers continue to control a significant share of specialty drug-dispensing revenue.
4. Hospitals are gaining ground: Health systems expanded from 106 accredited specialty pharmacy locations in 2017 to 553 in 2025, now representing 28% of sites.
5. Independents face scale challenges: Independent pharmacies remain the largest category by number of locations but account for a smaller share of total revenue as vertical integration drives consolidation.
The top 15 specialty pharmacies by dispensing revenue were:
• CVS Specialty
• Accredo/Freedom Fertility
• Optum Specialty Pharmacy
• Walgreens Specialty Pharmacy/Walgreens stores
• Onco360 Oncology Pharmacy/CareMed Specialty Pharmacy
• PANTHERx Rare Pharmacy
• CenterWell Specialty Pharmacy
• BioPlus Specialty Pharmacy/Paragon Healthcare
• Acaria Health/Foundation Care
• Walmart Specialty Pharmacy/Walmart stores
• Senderra Specialty Pharmacy
• Biologics
• Lumicera Health Services
• AHF Pharmacy
• Soleo Health
The post Top 15 specialty pharmacies of 2025: Report appeared first on Becker's Hospital Review | Healthcare News & Analysis.
