Formulary Analytics Tool offers real-time market insight.
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Press Release Summary:
Helping pharmaceutical companies manage their products, Formulary Facts(TM) utilizes data from Source® Dynamic Claims(TM) to provide real-world view of how drugs are performing in managed care marketplace. Real-time data capture also lets pharmaceutical companies detect when managed care organizations change formulary status for their respective products or competitive products. Web-based analytics tool reports on national and local levels, with multiple levels of aggregation in-between.
Original Press Release:
Wolters Kluwer Health Introduces Formulary Facts(TM), a Formulary Analytics Tool that Sets the Standard for Accuracy and Ease-of-Use
Uses Real-Time Claims Data from Source(R) Dynamic Claims(TM) to Streamline Assessment of Drug Performance in Managed Care
BRIDGEWATER, N.J., June 11 -- Wolters Kluwer Health, a division of Wolters Kluwer, today introduced Formulary Facts(TM), an automated, web-based analytics tool designed to help pharmaceutical companies better manage their products in the highly competitive world of managed care. Rather than make assumptions using projections or surveys, Formulary Facts utilizes data from Source(R) Dynamic Claims(TM), the industry's only real-time analytics tool for claims data, to provide a real-world view of how drugs are performing in the managed care marketplace.
Today, pharmaceutical companies often track the formulary status of their products by purchasing primary research based on surveys and interviews conducted with pharmacy directors and other industry experts. In contrast, Formulary Facts captures actual patient out-of-pocket expenses that occur at the point-of-sale, an approach that provides a more accurate view of what consumers are really paying. Real-time data capture also allows pharmaceutical companies to detect when managed care organizations, such as HMO's or PBM's, change the formulary status for their respective products or competitive products, even in cases where they were not notified of a change.
"Pharmaceutical companies can use Formulary Facts to assess the true positions of their products on plan formularies and then use the analysis to react to market opportunities or challenges in real time," said Bob Jansen, Vice President of Managed Markets and Brand Analytics, Wolters Kluwer Health. "Our goal was to provide more insight for account management teams and marketing departments so that pull-through programs or contracting approaches could be revisited. Today, no other product offers access to real-time, claims-based behavior to analyze the performance of products on managed-care formularies."
Formulary Facts utilizes an all-new user interface that greatly simplifies the research process and enhances the overall user experience. The new tool also employs a series of pre-set, user-selectable report templates designed to address specific questions relating to key formulary issues. Users are able to select any of more than 40,000 drugs they wish to research and compare from the Dynamic Claims database. In addition, the new tool streamlines the process by providing timely reports with graphical and comparative views, making analysis much easier than having to interpret the raw data independently.
"The new, user-friendly interface and pre-set report queries built into the product make it possible for a broader range of users to fully unleash the power of Formulary Facts without having to be well versed in formulary analytics or database queries," continued Jansen. "It's going to quickly establish a new standard for ease-of-use and data quality in the managed-care analytics space. The metrics it delivers and analytics it uses are on their way to becoming the new language of the industry."
Formulary Facts measures a product's actual performance compared to the payer's published formulary tier. It gives new insight into claims that were rejected or reversed and can quickly identify drugs that are not performing within their designated tier. Three quantifiable metrics are reported including:
1.) Inferred Tier: the formulary tier in which a product falls based on actual claims-based behavior
2.) Product Rating: a confidence metric that represents how strong a product is within a tier
3.) Approved Volume: the percentage of total claims for a product that fell within the Inferred Tier relative to other tiers
Versatile Reporting Capabilities
Formulary Facts also provides more versatility than other competitive products. No other product has the ability to report on both national and local levels, with multiple levels of aggregation in between. Unmatched by its peers, Formulary Facts provides analytics at the national, national payer, PBM, and plan level, and can specifically target geographic areas by state, census district, DMA, and MSA.
Updated quarterly, Formulary Facts is available immediately though Wolters Kluwer Health by calling (602) 381-9607. For more information about Formulary Facts and other Wolters Kluwer Health Source(R) products, visit www.wkhealth.com.
More About Dynamic Claims
As Wolters Kluwer Health's flagship managed-care analytics product, Dynamic Claims' power is in its ability to accurately track claims-based behavior at the pharmacy. It provides actual patient payment amounts paid at the pharmacy and that data is utilized by Formulary Facts as the basis of its analytical reporting. Integrating managed-care claims from over 24,100 pharmacies from across the U.S., Dynamic Claims reveals a plan's formulary tiers by stratifying the percentage of approved claims by patient payment amount for a competitive drug market basket and for a managed care plan of interest.
About Wolters Kluwer Health
Wolters Kluwer Health (Conshohocken, PA), a division of Wolters Kluwer, is a leading provider of information and business intelligence for students, professionals and institutions in medicine, nursing, allied health, pharmacy and the pharmaceutical industry. Major brands include traditional publishers of medical and drug reference tools and textbooks, such as Lippincott Williams & Wilkins and Facts & Comparisons(R); electronic information providers, such as Ovid, Medi-Span(R) and ProVation(R); and pharmaceutical information providers such as Adis International and Source(R). Wolters Kluwer Health has annual revenues (2007) of $1,044 million (761 million euro) and employs approximately 2,700 employees globally. For more information, visit www.WKHealth.com.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal, and regulatory sectors. Wolters Kluwer has annual revenues (2007) of 3.4 billion euro ($4.8 billion), maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.wolterskluwer.com for information about our market positions, customers, brands, and organization.
Contact: Tom Kivett
Kivett & Company Communications
(212) 727-2935
tkivett@kivettandco.com
