First DataBank today announced its next-generation software for use in automating drug pricing analysis and formulary management. The new product, Formulist™, enables pharmacy benefit managers, health plans and drug manufacturers to quickly view drug prices, perform complex competitive analysis on sets of drugs, create and maintain an unlimited set of drug formularies, generate graphs comparing drug prices, and numerous other drug data management functions, according to Product Manager Era Prakash.

Embedded within Formulist is First DataBank’s widely used drug knowledge base, the National Drug Data File™ (NDDF™) Plus. It combines drug descriptive, clinical and pricing data on every drug approved by the FDA, plus thousands of over-the-counter drugs. First DataBank has maintained this comprehensive database of constantly changing drug information for over 25 years.
Drug pricing analysis and formulary management are considered by many to be extremely complicated and time-consuming. Yet today, Prakash noted, “Even large organizations often wind up doing price analysis and formulary management with general-purpose software that’s “adapted” for these tasks, or they handle them manually.” Using paper-based methods to stay on top of the huge volume of constantly changing drug price information, she said, would not seem ideal.
Formulist is designed for ease of use. It presents the user with familiar Windows® screens, showing selected drug products or product subsets, for quick comparison or analysis. Products can be grouped according to several drug attributes, such as manufacturer or drug therapeutic class, using several different classifications systems—including First DataBank’s next-generation Enhanced Therapeutic Classification™ (ETC™) system, the new AHFS classification system or the Universal System of Classification.
Formulist is available for either standalone or networked systems. The standalone version is for use by one user on a single PC; the networked version allows any number of users to be connected through a server.

First DataBank, a subsidiary of The Hearst Corporation, is the leading provider of electronic drug information to the healthcare industry. We pioneered the concept of creating executable drug knowledge that’s designed to be relevant from the perspectives of multiple end users. For more than two decades, we’ve partnered with information system developers to deliver proven knowledge bases for integration into a wide range of applications all across the healthcare continuum, with particular expertise in clinical decision support within the workflow. Together with our development partners, First DataBank helps reduce the incidence of medication errors and adverse drug events, which promises to lower healthcare costs and improve patient care. For more information, visit: www.firstdatabank.com

Era Prakash, Product Manager
650-872-4585
Era_Prakash@firstdatabank.com

Back to Press Releases