STM publisher Elsevier has announced an agreement with WellDyneRx, an innovative, full-service Prescription Benefit Manager (PBM), to use Elsevier's Predictive Acquisition Cost (PAC). PAC, offered exclusively by Elsevier, is a drug price solution that closely tracks true acquisition cost.
WellDyneRx services approximately six million health plan members through a retail network of over 65,000 pharmacies nationwide. WellDyneRx, based in Lakeland, FL, will use PAC to optimise its maximum allowable cost (MAC) list and identify opportunities for client savings. With a better balanced MAC list, WellDyneRx will be able to stay current with pricing in the volatile generic market and comply with state MAC transparency regulations.
PAC, developed by Glass Box Analytics and exclusively published by Elsevier, is a new drug price solution that closely tracks true acquisition cost by leveraging proven concepts from other industries and applying the power of predictive analytics to drug pricing. Independent tests show that PAC comes closer to true acquisition cost than alternatives.
WellDyneRx hopes to further manage MAC pricing through the daily updated data provided by PAC and will be able to quickly react to changes in the marketplace to arrive at fair prices.
PAC employs predictive analytics techniques to estimate acquisition cost considering various factors, including MAC benchmarks, published price lists, existing price benchmarks, drug dispensing metrics, supply-demand measures, and survey-based acquisition costs. Independent tests show that PAC tracks drug acquisition cost with sufficient accuracy to support pricing activity.
