|By Business Wire||
|March 31, 2014 02:57 PM EDT||
FDB (First Databank), the leading provider of clinical drug knowledge that helps improve medication-related decisions and patient outcomes, today announced that it will present a poster at the Academy of Managed Care Pharmacy 26th (AMCP) Annual Meeting, April 1 - 4, 2014, in Tampa, Florida and the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) 19th Annual Meeting, May 31 – June 4, 2014, in Montreal, Canada. The poster summarizes findings from research conducted on new drug pricing benchmarks by an interdisciplinary team of FDB business and clinical staff.
The poster entitled, “In Search of Lost Costs: The Implications for Cost-Effectiveness Research When the Price Isn’t Right,” examines existing drug pricing benchmarks against newly-available sources of pharmaceutical pricing, describes their interrelationships, and assesses their relative reliability. The research concludes that acquisition cost-based benchmarks are a more reliable measure for drug cost effectiveness studies.
Additionally, the poster abstract was awarded a Silver medal from AMCP Journal reviewers and is published in the April 2014 supplement edition of the peer-reviewed Journal of Managed Care & Specialty Pharmacy.
Traditional measures of drug cost have relied on published benchmarks such as Average Wholesale Price (AWP) and Wholesale Acquisition Cost (WAC), or on reimbursements based on them. However, as revealed in numerous government pricing investigations, drug manufacturer-reported values are not accurate indicators of true market prices. Consequently, government and industry efforts have been initiated to develop alternative pricing standards based on acquisition cost data obtained through direct pharmacy surveys.
“As a publisher of drug pricing information, we’ve been able to review and compare a wide variety of pricing benchmarks to see which ones demonstrate the most consistency and correspondence to real market prices. This information is not only invaluable for commercial purposes but a necessary foundation for academic cost-benefit analyses,” said Julie Suko, PharmD, director of editorial services, FDB, who will be conducting the poster presentation at the AMCP meeting. “Our research revealed that for a fair assessment of true drug costs in relative value studies, researchers should not look to WAC or AWP, but to publicly available average acquisition cost benchmarks that are well-designed and statistically sound.”
FDB’s clinical and drug pricing information is utilized by thousands of hospitals, payers and pharmacies across the United States, as well as by the majority of state Medicaid agencies, CMS, the Department of Defense, and the Veterans Administration. For nearly a decade, the company has worked with both government agencies and the private sector to help identify reliable, sustainable and transparent alternatives to the AWP and WAC pricing standards.
About First Databank (FDB)
FDB (First Databank), part of the Hearst Health network, is the leading provider of drug knowledge that helps healthcare professionals make precise medication-related decisions. With thousands of customers worldwide, FDB enables our information system developer partners to deliver a wide range of valuable, useful, and differentiated solutions. As the company that virtually launched the medication decision support category, we offer more than three decades of experience in transforming drug knowledge into actionable, targeted, and effective solutions that improve patient safety and healthcare outcomes. For a complete look at our solutions and services please visit www.fdbhealth.com or follow us on Twitter and LinkedIn.
About Hearst Health
FDB is part of the Hearst Health network, which also includes Zynx Health, MCG (formerly Milliman Care Guidelines) and Homecare Homebase. The mission of the Hearst Health network is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person’s health journey. Each year in the U.S., care guidance from the Hearst Health network reaches 76% of discharged patients, 133 million insured individuals, 20 million home health visits, 1.88 billion retail pharmacy prescriptions and 3.26 billion prescription claims. Extensions of the Hearst Health network include Hearst Health Ventures and the Hearst Health Innovation Lab.
© 2014 First Databank, Inc. Part of the Hearst Health network. All trademarks mentioned herein are the properties of their respective owners.