Pro Pharma Announces Their Specialty Injectable/JCode Calculator™ Pricing Update 3Q 2017
Pro Pharma is announcing major price changes in Specialty Injectables for 3Q 2016 vs. 3Q 2017 as brought about by the high cost of prescription drugs which drive up the cost of health care spending.
For the last several years Pro Pharma has analyzed the Annual Trend of price changes in the Prescription Drug Industry. The current year's prices continue to increase for Average Wholesale Price (AWP) vs. Average Sales Price (ASP).
Average annual increases in the retail prices of widely used brand name prescription drugs have consistently exceeded the general inflation rate. The gap between the average annual price increase and the rate of general inflation has been consistently widening. Brand name drug price increases translate into higher out-of-pocket costs, especially for consumers who pay a percentage of drug costs (coinsurance)
Higher prices are typically passed along to consumers in the form of higher cost sharing, deductibles, and premiums. Prescription drug price increases also affect taxpayer-funded programs like Medicare and Medicaid.
"As of July 2017, average AWP increased 25% for all medications with price changes, notes Dr. Craig Stern, PharmD, President of Pro Pharma. He goes on to say that "increased price changes were a 6% increase in average AWP, while on the other hand the ASP increased 4.7%. AWP is so fluid that manufacturers and payers are driving for ASP to be the basis for Specialty Rx price changes, and Wholesale Acquisition Cost (WAC) for everything else."
- 2016 to 2017: Increased 25%
- 2016 to 2017: Increased 4.7%
"This constant inclination replicates a rising concern about the affordability of prescriptions,"
Pro Pharma's JCode Calculator™ provides an invaluable resource to ensure standardization of reimbursement procedures to providers which results in overall savings to the organization due to consistent billing and reimbursement practices. Specifically, there are a few categories which are highly sensitive to the potential of overcharges and must be examined carefully."
"The JCode Calculator™ is available on a daily, weekly, monthly and quarterly basis and can be purchased on the Pro Pharma Website. Pro Pharma continues to improve our product line by adding new features and client input is invaluable to our mutual success. Unique State Pricing can be added for ongoing clients as requested," said Carol Stern, CEO of Pro Pharma.
Call or email to schedule your online Demo and free evaluation. Please visit Pro Pharma Consultants website for complete information.
About PRO PHARMA
PRO PHARMA is a multi-service, woman owned, privately held consulting firm offering a vast portfolio of services to public and private entities including self-insured employers, Taft Hartley Trusts and unions, public employers, for-profit hospitals and integrated health networks, health care insurance companies, worker's compensation insurers, small-to-medium sized HMO's, and physician groups.
As a primary service to plan sponsors for achieving below trend results, PRO PHARMA provides an integrated program of administrative process improvements, clinical quality oversight, and provider/member education.
PRO PHARMA's Consulting services are grounded in the use of data and the communication of that information to define benefit trends, drivers and other analytical indicators. PRO PHARMA markets Biotech Modeling™, Invoice Screening™, Quality Management Program™, and Treatment Calendar™. The Company directly markets its products in the U.S. and collaborates with partners to reach international markets.
For more information about PRO PHARMA, please visit www.propharmaconsultants.com.
Carol J. Stern