Wolters Kluwer Health Introduces Formulary Facts(TM), a Formulary Analytics Tool that Sets the Standard for Accuracy and E... ( Uses Real-Time Claims Data from Sour...)

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Wolters Kluwer Health Introduces Formulary Facts(TM), a Formulary Analytics Tool that Sets the Standard for Accuracy and Ease-of-Use

Date:6/11/2008

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 /PRNewswire/ -- 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 fo
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Wolters Kluwer Health Introduces Formulary Facts(TM), a Formulary Analytics Tool that Sets the Standard for Accuracy and E...( Uses Real-Time Claims Data from Sour...),Health