Suppose that you are a pharmaceutical benefit manager. First, briefly assess various pricing strategies that could be used to charge employers for prescription drugs.
Pharmaceutical benefit managers process prescriptions for the groups that pay for drugs, usually insurance companies or corporations, and use their size to negotiate with drug makers and pharmacies. This latest deal continues the consolidation trend but also highlights how the industry is becoming more than just an administrator and negotiator.
Pharmacy benefit managers (PBMs), act as an intermediary between the payor and everyone else in the health-care system. They generally make money through service fees from large customer contracts for processing prescriptions, operating mail-order pharmacies, and negotiating with pharmacies and drug makers. Their contracts can include incentives for cutting costs (Gryta, T., 2011). The use of a comprehensive generics program can significantly lower prescription drug costs, control utilization and play a major role in helping to improve overall patient outcomes. An estimated $35-$40 billion worth of branded drugs will lose their patent protection within the next five years, allowing them to be processed and marketed in generic form. Prescription drugs losing their patents are represented in some of the highest cost, highest utilization therapeutic categories, including depression, hypertension, gastrointestinal, pain management and antihistamines. The various pricing strategies that could be used to charge employers for prescription drugs used as drug pricing by PBMs utilizes the following tools are:
Wholesale Acquisition Cost (WAC) - the cost-basis PBMs utilize to establish the price of generic drugs. It is calcula...
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...January 2014 at http://www.nursingcenter.com/Blog/post/2011/05/27/8-rights-of-medication-administration.aspx
Jones, John D. (2003). Developing an effective generic prescription drug program. Benefits Quarterly, 19(1): 14-18. Retrieved on January 2014 from Proquest at http://search.proquest.com.ezproxy.trident.edu:2048/docview/194951070/1431E31606748D5718A/1?accountid=28844
Gryta, Thomas. (2011, July 21). What is a 'Pharmacy Benefit Manager?' Retrieved from the worldwide web on January 2014 at http://online.wsj.com/news/articles/SB10001424053111903554904576460322664055328
McKeon, Leslie. (2011, January/February). Preventing never events: What frontline nurses need to know. Retrieved from the worldwide web on January 2014 at http://mobile.journals.lww.com/nursingmadeincrediblyeasy/_layouts/oaks.journals.mobile/articleviewer.aspx?year=2011&issue=01000&article=00010
Working in the pharmaceutical industry, there are different types of environments you could possibly work in. There are chain pharmacies, like any kind of grocery store or CVS. There are franchise pharmacies, which are also known as apothecaries. Also, there are community pharmacies, which are also known as retail pharmacies. Some of them are independent pharmacies, which is usually owned by a pharmacist or a group of pharmacists.. There are hospital pharmacies, in which are in the hospital. There are many more different types, these are only a few.
The QSEN initiative is the progression of quality and safety of education for nurses that began in 2005 and has been continued over the past eight years. It is a multi-phase process that shows current and future nurses how to apply knowledge, skills, and attitudes to their everyday nursing activities(QSEN, 2013, 1). Nurses and student nurses can use their knowledge, skills and attitudes to help prevent never events such as hospital acquired conditions. Never events are medical errors that could have been serious and preventable. They could have been caused by poor communication, lack of proper nursing skills, or simply just negligence. QSEN can also be used to improve nursing outcomes for everyone involved in the healthcare field.
In America today, many people are in need of medical help. In fact,the Federal Trade Commission estimates that 75% of the population complain of physical problems (Federal Trade Commission 9). They complain, for example, of fatigue, colds, headaches, and countless other "ailments." When these symptoms strike, 65% purchase over-the counter, or OTC, drugs. In order to take advantage of this demand, five billion dollars is spent by the pharmaceutical industry on marketing each year . This marketing, usually in the form of advert...
...ll help the company in selling generic drugs and provide affordable medications to its customer base.
Yu, Winnie and Joel Hay. 1999. “Drug Patents and Prices: Can we Achieve Better Outcomes?” Measuring the Prices of Medical Treatments. Pages 27-28.
A managed care organization is a collection of clinics, doctors, hospitals, pharmacies and other healthcare providers who come together to offer health care to persons who are sign up for the services. In many cases, managed care organizations operate and are referred to as networks of health care providers. Managed care organizations are comprised of health care experts from different fields who come under an agreement to offer health care services to members. Once a member signs up, all their heath care needs are covered by the managed care organizations. Access to care outside the organization is restricted. Members under managed care organizations are usually assigned a primary care physician (PCP) who is the primary care giver for the member. The PCP is tasked with analyzing a member’s health problem before referring them to other sections of the managed care organization. Managed Care Organizations are usually well coordinated to meet the needs of members who have registered under their banner.
... middle of paper ... ... Six years later, in 2001, the majority of their income came from services to pharmaceutical companies (Martinez). This shows a definitive shift in the conduct of PBM’s.
We recommend two generic versions of EpiPen at lower costs to patients. The first version will be similar to the injection currently available in the market at a lower price. Mylan’s leadership team has been discussing about offering a generic EpiPen at a fifty percent discount, but the price can be further reduced as we reformulate our strategy of targeting multiple segment market. The product will be targeted to people with low income that are currently unable to afford EpiPen.
This service is experienced, documented, evaluated and paid for as Pharmaceutical Care. Pharmaceutical Care consists of a philosophy of practice, patient care process as well as a patient management system. Pharmaceutical Care has common integrated vocabulary consistent with other patient care practices such as medicine, dentistry and nursing. Philosophy of pharmaceutical care consists of a description of the social need for the practice, a concise and clear statement of individual practitioner responsibilities to meet this social need, the expectation to be patient-centered and the requirement to function within the caring paradigm. This philosophy of practice is expected and practiced by all health care professionals. The patient care processes must be consistent with the patient care processes of all other health care providers. These processes include the assessment of the client’s pharmaceutical needs, a health care plan that is constructed to meet the specific needs of the client and a process in which evaluates the health care plan to gauge the efficacy of decisions made and actions taken. Pharmaceutical care management system includes all resources needed to manage the client’s needs, which include the space provided, such as a clinic or hospital, an appointment system for patients, appropriate and ethical documentation, reporting of patient care, evaluation of decisions made and actions taken and payment of service
A nurse’s role in our society today is exceptionally significant. Nurses are somewhat idolized and looked to as our everyday “superman”. “The mission of nursing in society is to help individuals, families, and groups to determine and achieve physical, mental, and social potential, and to do so within the challenging context of the environment in which they live and work” (“The Role of a Nurse/Midwife”). Many Americans turn to nurses for delivery of primary health care services and health care education (Whelan). In our country, there is constantly someone in need of health care. There will always be a baby being born or a person dying, someone becoming ill or growing old. Some people due to their physical and/or mental state of health are completely dependent on a nurse and wouldn’t be able to get through the simple obstacles of every day, or achieve the necessary requirements of a simple day without their aid. Not only do nurses help, and assist you when you’re sick, but also act to promote good health to others. They end...
In recent years’ health reform has been a driving force in the United States political system. If you watch the news, you will understand how citizens, the government, or the economy are or might be affected by some sort of change in medical regulation. One of these hot topic issues is the cost of prescription drugs. Every major drug market besides the United States regulates the price of drugs in some way (Abbott and Vernon). By the United States not doing so, many believe it opens consumers up to being exploited by large pharmaceutical companies.
Saigusa, O. (2006). Japan's healthcare system and pharmaceutical industry. Journal of Generic Medicines , 4, 23–29.
10. Collis, David, and Troy Smith. "Strategy in the Twenty-First Century Pharmaceutical Industry:Merck&Co. and Pfizer Inc." Harvard Business School, 2007: 8-12.
PROBLEM STATEMENT Teva Pharmaceuticals, the first multinational pharmaceutical company in Israel, has become a successful global giant in the industry of generic drugs. After experiencing a long period of success and growth in the generic drug industry against some big western pharmaceuticals, the company had acquired many well known pharmaceutical companies and had achieved its goal of $1 billion. theory seemed to be in trouble in building a new strategy and vision to compete with the rapidly growing generic industry. They confronted two big issues as key hurdles in their way.
Pharmaceutical patents are patents for inventions within the pharmaceutical industry. Patents give exclusive rights for an invention for a product or a process of making a product [1]. There are many aspects to patents in the pharmaceutical industry that are both pros and cons; it just depends on what industry you are in. Pharmaceutical companies take out patents so they can regulate the market and restrict competition from other companies. By obtaining patents pharmaceutical companies also attract investment. In addition to this pharmaceutical companies can also regulate the price of the drug as they will be the only company selling that drug. However these aspects of patents can adversely affect the generics industry. The generics industry cannot make or sell drugs that are patented but once a patent licence expires, both the generics industry and the WHO see increased benefits as drugs become more widely available around the world (i.e. developing countries) at a lower price. Here we will discuss the pros and cons of patents from the point of view of the pharmaceutical industry, generics industry and the WHO.