IVBM Insights: Strategies for Integrated Delivery Networks on Biologic Drug Management
Wednesday, 25 September 2024, 05:57
Strategies for Cost Management of Biologic Drugs
IVBM emphasizes the need for effective management of rising costs associated with biologic drugs. Elie M. Bahou, PharmD, MBA, shines a light on several tactics used to achieve financial sustainability in integrated delivery networks (IDNs). Utilizing formulary management, Bahou leads strategies such as negotiation tactics, implementing in-house specialty pharmacies, and leveraging patient assistance programs.
Implementing Effective Approaches
- Formulary Management: Establishing a structured pharmacy and therapeutics (P&T) committee to ensure cost-effective biologic utilization.
- Negotiation Tactics: Engaging in strategic discussions with manufacturers for better pricing on biologics.
- In-House Specialty Pharmacies: Streamlining patient access to biologic treatments within IDNs.
- Patient Assistance Programs: Facilitating support systems for patients to access costly biologic therapies.
- Utilization Management: Analyzing and optimizing the use of biologic medications.
- Data Analytics: Utilizing analytics for informed decision-making in biologic drug management.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.