Novation Releases its Drug Price Forecast for 2012-13
The Drug Price Forecast offers information and support resources to aide in hospitals' development of annual drug budget projections
IRVING, Texas, March 26, 2012 /PRNewswire/ -- Novation, the leading health care supply contracting company, today announces the release of its Drug Price Forecast Summary Report, Winter 2012. This summary report highlights key insights offered in Novation's full Drug Price Forecast, including projected drug price inflation summary projections and overviews of the top five therapeutic categories based on purchase volume.
Novation's semi-annual Drug Price Forecast is designed to offer information and support resources to aide in the development of annual drug budget projections. The full report, available exclusively to members of VHA, UHC and Provista, features additional information including:
- detailed category overviews for the top twelve therapeutic categories based on purchase volume;
- price inflation projections by product and therapeutic category; and
- an interactive Drug Budget Worksheet enabling the addition of a facility's purchase history by generic product or therapeutic category to build a pharmaceutical budget for using Novation Drug Price Forecast projections.
Novation's Drug Price Forecast estimates the change in the cost of pharmaceuticals purchased from July 1, 2012, through June 30, 2013. The forecast is focused on pharmaceutical use in the acute care hospital setting and is based on purchase history and data associated with Novation Pharmacy Program participant health care organizations.
The summary report specifically reviews the therapeutic categories of antineoplastics, plasma critical care products, hematopoietic agents, disease-modifying anti-rheumatic drugs, and heparins.
"As hospitals are squeezed more and more tightly by today's financial pressures, the projections in our report can be very helpful for making budget projections," said David Jameson, vice president, pharmacy, Novation. "Many factors affect the financial predictions in this report. For example, the number of competitors in the market and the approval and adoption of new drugs are both factors that can have a significant impact on pharmaceutical pricing."
"Ultimately, we want to provide as much information as possible to the members we serve to help them manage their supply costs and understand the emerging pharmaceutical trends," said Jameson.
To view the summary report, please visit https://www.novationco.com/pressroom/industry_info. VHA, UHC and Provista members may access the full Drug Price Forecast report at Marketplace|Procure.
About Novation, Winner of the Ethics Inside® Certification
Founded in 1998, Novation is the leading health care supply contracting company for the more than 65,000 members of VHA Inc. and UHC, two national health care alliances, and Provista, LLC. Novation provides alliance members sourcing services, as well as information and data services. Based in Irving, Texas, Novation develops and manages competitive contracts with more than 600 suppliers. VHA, UHC and Provista members used Novation contracts to purchase more than $40 billion in 2011. Novation recently earned the coveted Ethics Inside® Certification from the Ethisphere Institute, a leading international think tank dedicated to the research and promotion of best practices in corporate ethics and compliance, and is the only health care GPO to earn this distinction.
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