Medical information provider Wolters Kluwer Health (WK Health), US, has launched Formulary Facts, an automated, web-based analytics tool designed to help pharmaceutical companies better manage their products in the highly competitive world of managed care. Formulary Facts utilises data from Source Dynamic Claims, the industry's only real-time analytics tool for claims data, to provide a real-world view of how drugs are performing in the managed care marketplace.
The tool captures actual patient out-of-pocket expenses that occur at the point-of-sale. Real-time data capture also allows pharmaceutical companies to detect when managed care organisations, such as HMO's or PBM's, change the formulary status for their respective products or competitive products, even in cases where they were not notified of a change.
Formulary Facts utilises an all-new user interface that greatly simplifies the research process and enhances the overall user experience. The new tool also employs a series of pre-set, user-selectable report templates designed to address specific questions relating to key formulary issues. Users are able to select any of more than 40,000 drugs they wish to research and compare from the Dynamic Claims database. In addition, the new tool streamlines the process by providing timely reports with graphical and comparative views, making analysis much easier than having to interpret the raw data independently.
Updated quarterly, Formulary Facts is available immediately though Wolters Kluwer.
