TAMPA, Florida, February 29, 2012 /PRNewswire/ --
PAC more accurately tracks true drug acquisition cost
Leading drug database provider, Elsevier/Gold Standard, announced today an agreement with Glass Box Analytics to become the exclusive distributor of a new price type, Predictive Acquisition Cost (PAC).
Glass Box Analytics developed PAC to address the industry need for a pricing standard that more closely tracks true drug acquisition cost. PAC employs predictive analytics techniques to estimate acquisition cost considering various factors, including industry MAC benchmarks, published price lists, existing price benchmarks, drug dispensation metrics, supply-demands measures, and survey-based acquisition costs.
"By combining a range of data sources, we are able to create a drug price type that more accurately tracks true acquisition cost and more effectively supports pricing activities than existing price types," said Todd Grover, CEO and Founding Partner of Glass Box Analytics. "Independent validation tests showed that PAC consistently tracked the actual drug acquisition cost far more effectively than AWP (Average Wholesale Price) or any other existing price type."
AWP has long been the standard price type used throughout the industry to set contract terms and adjudicate claims. In recent years, however, industry leaders have expressed concerns about the accuracy and reliability of AWP and have called for a price type that is transparent, accessible, comprehensive, timely, and immune to manipulation.
"PAC appears to meet all the criteria demanded by the pharmacy industry," says Marianne Messer, President of Elsevier/Gold Standard. "Our interest is in providing all available price types to our customers so that they can use whatever works best for their product pricing and purchasing decisions."
PAC will be included in the Gold Standard Drug Database product and price file and as a stand-alone module. In addition to PAC, which is the estimate of the acquisition cost for each drug group, range will be provided to indicate the associated level of accuracy. A PAC retail value will also be generated for each drug group, which can be used as a replacement for AWP in existing "generic effective rate" based contract vehicles.
"At Elsevier/Gold Standard, we are committed to comprehensive and transparent product and price information," said Messer. "PAC is now part of the mix, and we are delighted to offer it to our customers."
Glass Box Analytics and Elsevier/Gold Standard will hold complimentary webinars about PAC on Wednesday, March 8, 2012 and Thursday, March 22, 2012.
Based in Tampa, FL, Elsevier/Gold Standard uses innovative technologies to provide a complete suite of drug information and decision support solutions. With a tenacious commitment to product quality, Gold Standard/Elsevier solutions empower healthcare organizations, professionals and consumers to meet the most pressing healthcare challenges, improve patient safety and ensure optimal outcomes. To learn more about Gold Standard/Elsevier, visit http://www.goldstandard.com.
Glass Box Analytics
Glass Box Analytics represents a strategic joint venture between Pathria Analytics LLC and ChainDrugStore.net. Together they bring advanced predictive analytics techniques along with deep industry domain expertise to provide solutions that address the most challenging issues facing businesses on a day to day basis. Insights derived from data help our clients shape business decisions and improve business performance. To learn more about Glass Box Analytics, visit http://www.glassboxanalytics.com.
Elsevier is a world-leading provider of scientific, technical and medical information products and services. The company works in partnership with the global science and health communities to publish more than 2,000 journals, including The Lancet and Cell, and close to 20,000 book titles, including major reference works from Mosby and Saunders. Elsevier's online solutions include SciVerse ScienceDirect, SciVerse Scopus, Reaxys, MD Consult and Nursing Consult, which enhance the productivity of science and health professionals, and the SciVal suite and MEDai's Pinpoint Review, which help research and health care institutions deliver better outcomes more cost-effectively.
A global business headquartered in Amsterdam, Elsevier employs 7,000 people worldwide. The company is part of Reed Elsevier Group PLC, a world-leading publisher and information provider, which is jointly owned by Reed Elsevier PLC and Reed Elsevier NV. The ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK and ENL (New York Stock Exchange).
Vice President, Global Corporate Relations, Elsevier