PHILADELPHIA, November 10, 2014 /PRNewswire/ --
Florida-based pharmacy benefits manager selects Elsevier's PAC to deliver cost savings for its members
Elsevier, the leading provider of scientific, technical and medical information products and services, announced today an agreement with WellDyneRx, an innovative, full-service Prescription Benefit Manager (PBM), to use Elsevier's Predictive Acquisition Cost (PAC). PAC, offered exclusively by Elsevier, is a drug price solution that closely tracks true acquisition cost.
WellDyneRx services approximately six million health plan members through a retail network of over 65,000 pharmacies nationwide. WellDyneRx, based in Lakeland, FL, will use PAC to optimize its maximum allowable cost (MAC) list and identify opportunities for client savings. With a better balanced MAC list, WellDyneRx will be able to stay current with pricing in the volatile generic market and comply with state MAC transparency regulations.
"We look forward to using PAC as a resource to create savings for our customers," said Dale Houston, Director of Retail Pharmacy Contracting, WellDyneRx. "We hope to help our customers eliminate unnecessary costs and drive more transparency in drug pricing."
PAC, developed by Glass Box Analytics and exclusively published by Elsevier, is a new drug price solution that closely tracks true acquisition cost by leveraging proven concepts from other industries and applying the power of predictive analytics to drug pricing. Independent tests show that PAC comes closer to true acquisition cost than alternatives.
WellDyneRx hopes to further manage MAC pricing through the daily updated data provided by PAC and will be able to quickly react to changes in the marketplace to arrive at fair prices.
PAC employs predictive analytics techniques to estimate acquisition cost considering various factors, including MAC benchmarks, published price lists, existing price benchmarks, drug dispensing metrics, supply-demand measures, and survey-based acquisition costs. Independent tests show that PAC tracks drug acquisition cost with sufficient accuracy to support pricing activity.
"WellDyneRx's selection of PAC confirms that PAC can be of strategic importance for PBMs," said Kay Morgan, Vice President, Drug Products and Industry Standards, Elsevier Clinical Solutions. "We want to provide PAC as a benchmark that our clients can use to level the playing field regarding drug pricing. We believe that WellDyneRx will help create savings for their customers."
WellDyneRx is a full-service, national pharmacy benefit manager (PBM) that maximizes the value of pharmacy benefits through custom solutions and personalized service. WellDyneRx serves the needs of over 6 million members through third party administrators, government organizations, union groups, hospitals and health clinics, self-funded employer groups, managed care organizations and Medicare plans. With innovative and integrated health services, clinical expertise and proactive consultation, WellDyneRx provides clients with the tools and resources they need to optimize their benefit plans, ensuring the highest levels of customer service and member satisfaction. To learn more about WellDyneRx, please visit http://www.WellDyneRx.com.
Elsevier is a world-leading provider of information solutions that enhance the performance of science, health, and technology professionals, empowering them to make better decisions, deliver better care, and sometimes make groundbreaking discoveries that advance the boundaries of knowledge and human progress. Elsevier provides web-based, digital solutions - among them ScienceDirect, Scopus, Elsevier Research Intelligence and ClinicalKey - and publishes nearly 2,200 journals, including The Lancet and Cell, and over 25,000 book titles, including a number of iconic reference works.
The company is part of Reed Elsevier Group PLC, a world-leading provider of professional information solutions in the Science, Medical, Legal and Risk and Business sectors, 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).
Director, Corporate Relations