New solution offers comprehensive statistical analysis to simplify brand/generic decisions
Wolters Kluwer Health, a leading global provider of information for healthcare professionals and students, announced today the launch of its new Brand Probability File, which simplifies data analysis for brand vs. generic decisions.
The Brand Probability File provides pharmacies, pharmaceutical manufacturers and payers a new way to quickly identify drug products as brand or as generic for purposes of formulary management, claim payment, claim reimbursement or other analytics. It is offered under the Medi-Span product line, which is comprised of drug and clinical information databases that can be embedded in a wide range of healthcare applications, including retail pharmacy, pharmacy benefit management, claims processing and electronic medical records.
The Brand Probability File empowers users by providing statistical data to back brand versus generic formulary decisions, increases efficiency by providing simplified access to the data that drives decisions, and simplifies the analysis needed for accurate and informed decision making. Utilizing various data elements published by Medi-Span and a proprietary algorithm, it calculates a Brand Probability Percent Value for a drug product. The closer the Brand Probability Percent Value is to 100%, the greater the probability that drug product behaves as a brand in the marketplace.
"Pharmacy benefit managers and payers have long struggled with the issue of brand/generic determination," said Arvind Subramanian, CEO, Wolters Kluwer Health Clinical Solutions Division. "Definitions of brand and generic vary widely in the industry, and in the past most decisions have been made on a few select data codes, rather than on a comprehensible data analysis."
"Medi-Span's Brand Probability File provides clients with a robust, flexible and affordable solution to these problems," he continued. "Our innovative approach enables pharmacies, manufacturers and payers to make fast, accurate decisions based on the most reliable and up-to-date drug information."
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®; electronic information providers, such as Ovid, Medi-Span® and ProVation®; and pharmaceutical information providers such as Adis International and Source®. Wolters Kluwer Health has annual revenues (2007) of $1,044 million (€761 million) and employs approximately 2,700 employees globally. For more information, visit www.wkhealth.com.
Medi-Span®, a part of Wolters Kluwer Health, is the leading provider of drug information for thousands of health care professionals worldwide. With more than 30 years experience, Medi-Span continues to offer authoritative drug databases in a variety of formats, including clinical decision support and disease suite modules, application programming interfaces and stand-alone software applications. In conjunction with superior implementation and experienced customer support, the Medi-Span product line is the perfect choice for those needing accurate, trusted drug data that easily integrates into existing software applications. For more information, visit www.medispan.com or call 800.388.8884, press 2.