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 includ
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