Issue link: https://beckershealthcare.uberflip.com/i/1390520
40 PHARMACY Compounding pharmacy market to hit $15B by 2028 & 5 more report takeaways By Laura Dyrda T he compounding pharmacies market is expected to grow in the next seven years, according to a ResearchAndMarkets.com report. Six takeaways: 1. e compounding pharmacies market was valued at $9.4 billion last year and is expected to reach $15 billion in 2028, growing at a 6.1 percent compound annual growth rate. 2. e factors driving market growth include a global drug shortage, increased adoption of personalized medicine and the growing aware- ness of benefits associated with compounded medications. 3. Last year during the COVID-19 pandemic, the demand for com- pounding pharmacies increased. 4. Last year, the oral medications segment held the largest market share because oral medications are easy to consume, according to the report. 5. e topical medications segment of the compounding pharmacies market is expected to grow the fastest through 2028. 6. Compounding pharmacy market growth could be hampered by product recalls and more regulatory requirements. n QuVa Pharma poised for growth after $275M funding round By Laura Dyrda Q uVa Pharma completed a $275 million financing round May 6. Goldman Sachs Private Credit Invest- ing led the financing round, which also included Owl Rock Capital Partners. QuVa is an FDA-registered 503B out- sourcing services company that serves about 2,000 hospital customers. QuVa aims to expand its platform and product portfolio with the funds. "This new funding reflects the national scale QuVa has achieved as the industry leader and the importance of the 503B industry in meeting hospitals' high quality standards and cost effectiveness requirements," said Stuart Hinchen, QuVa Pharma's co-founder and CEO. "The company con- tinues to pursue increased capacity needs through 2024, as well as expanding capabilities to incorporate approval of complex pharmaceutical products through the FDA product registration pathway." The company added 80,000 square feet to its manufacturing capacity in New Jersey in recent months and plans to expand operations in Texas next year. n South Carolina compounding pharmacy opens 2nd location By Laura Dyrda S weetgrass Pharmacy & Co. in Mount Pleasant, S.C., has a new location introducing services to the region, according to a Moultrie News report. The second location is the only retail sterile com- pounding facility in the region and offers a sterile lab for injectable and ophthalmology prescriptions. It is the only facility in the region designated as USP 795,797 and 800 compliant. The facility, owned by Cynthia Feldman, PharmD, will dispense traditional prescriptions and provide im- munizations. n