Pharmaceutical Drug Pricing Strategy For Pharmaceutical...

Pharmaceutical Drug Pricing Strategy The Veteran’s Health Administration, VHA, uses a systematic government regulated pricing strategy for its pharmaceutical drugs service. The Pharmacy Benefits Management, PBM, service is in place to provide pharmaceutical services to beneficiaries of the VA. PBM’s of the VHA promote wellness, manage disease, ensure patient safety, and optimize health outcomes (VHA, 2015). PBM’s offer managed medication, emergency, and mail order services that help personalize healthcare. They also use research and technology to better serve the VHA and its beneficiaries. Pricing strategies are maintained through the National Acquisition Center, NAC, with the use of the Contract Catalog Search Tool, CCST. The CCST has the ability to search for contracts, pricing, ordering information and socioeconomic information that allows the NAC to compare prices and perform research. The VA uses a Formulary â€Å"to provide high quality, best value pharmaceutical products while assuring the portability and standardization of the pharmacy benefit to eligible Veterans accepted by the Department of Veteran Affairs for care† (VA, 2015). The Formulary is essentially a list of drugs that the VA covers and thus allows to be prescribed through the VHA. In order for prescription drugs to be listed on the formulary, the Federal Supply Schedule (FSS) must reflect all drugs that a particular developer makes. It must also provide the price given to â€Å"the most-favored nonfederalShow MoreRelatedLabeling And Generic Medicine : Pricing And Market Share1346 Words   |   6 PagesAccording to the article â€Å"Originator and generic medicine: pricing and market share† the cost of pharmaceutical drugs accounts for a significant portion of the total health expenditure (Eon Van Der Brendenkamp, 2013). Pricing strategies are used to create affordable costs, while also providing quality for prescription drug management programs. As part of the goals of pricing strategies, benefit management programs use pharmaceutical benefit managers to negotiate prices, create a savings out ofRead MoreBuyer Bargain Power Of The Pharmaceutical Industry1377 Words   |  6 PagesBuyer Bargain Power Buyers in the pharmaceutical industry are broken into physicians, who are the prescribers, patients, who are the users, hospital boards, who are authorizers of purchases and treatments, pharmacists, who are the distributors. Most of them have very minor influence on the pricing of the product, but unfortunately for the highly regulated pharmaceutical industry, they have to face a bargaining giants, the health organizations and the government agencies. Individual patients haveRead MorePricing Strategies For Prescription Drugs Essay891 Words   |  4 PagesPricing Strategies Pharmaceutical Benefit Managers, PBM use several different pricing strategies and tools to charge employers for prescription drugs. These strategies help PBM’s turn a profit while still being able to create a fair and affordable situation to the employer. The goal for PBM’s is to remain competitive while generating a business contract between the organizations and pharmaceutical companies. The organization must be able to take an active role in their contracts to continue to provideRead MoreAcquisition Of Medco Containment Services Inc.1101 Words   |  5 Pagesthe emergence of new identities and properties. Mergers and related acquisitions have occurred in a series of outbreaks. Recently, the pharmaceutical industry is seeing a rush of new mergers and acquisitions because of a combination of investor pressure and a narrowing window of opportunity. 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Corporate Research Paper Submitted by: Zeinab Amin Submitted to: Douglas Kennedy Northern Alberta Institute of Technology Business and Its Environment ECON3340 - A02 Monday, November 28. 2016 â€Æ' TABLE OF CONTENTS 1 INTRODUCTION 3 2 NONMARKET ENVIRONMENT 3 2.1 ISSUES 4 2.2 INTERESTS 5 2.3 INSTITUTIONS 5 2.4 INFORMATION 5 3 INTEGRATED STRATEGY 6 3.1 NON-MARKET STRATEGY 6 3.2 MARKET STRATEGY 7 4 RECOMMENDATION 7 REFERENCES 9 â€Æ' 1 INTRODUCTION How wellRead MorePricing Issues Of The Pharmaceutical Industry1319 Words   |  6 PagesBrinkley MKT 492 Dr. Kelli King December 12, 2016 Pricing issues in the pharmaceutical industry Pricing issues in the pharmaceutical industry is a huge problem in the world today. There are four main issues that cause the prices to be higher than they need to be. These issues are Cost, Value, Power, and Insurance. Lots of pharmaceutical companies will argue that their RD costs of manufacturing drugs is what makes them price the pharmaceuticals the way they do. 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Companies-producers of â€Å"blockbusters† are in an advantageousRead MoreMetabical Positioning And Communications Strategy For a New Weight Loss Drug Harvard Business Essays and Term Papers948 Words   |  4 PagesCommunications Strategy For a New Weight Loss Drug Harvard Business Essays and Term Papers Search Results for metabical positioning and communications strategy for a new weight loss drug harvard business Displaying 1 - 30 of 1,500 * Metabical: Positioning And Communications Strategy For a New Weight-Loss Drug Metabical: Positioning and Communications Strategy for a new Weight-Loss Drug Q amp; A 1. Who is involved in the decision making process? What is the decision... * Metabical: Pricing, PackagingRead MoreGsk Internal Analysis1623 Words   |  7 PagesRecent Strategy, It s important that we generate more growth with less risk. GSK needs to find new sources of growth at a time when governments around the world are reforming healthcare and cutting spending. It is also outsourcing more research to partners to reduce risk. Its long-running collaboration with the US company, Theravance which is responsible for one of GSK s most promising new drugs, the asthma treatment Relovair, which is now in late-stage development. GSK recently upped its