For drug manufacturers to competitively price their products—or for payers to efficiently build their formularies—they must be able to conduct rigorous and ongoing pricing analyses.
But that's not easy. Drug prices are remarkably fluid. Pricing analysts need comprehensive electronic data that's comprehensive and up to date.
And that's exactly what you receive with First DataBank's drug pricing databases. Powerful and flexible, these databases draw on our in-depth understanding of pricing analysis challenges, as well as on the most widely respected—and widely used—drug database in the healthcare industry: our National Drug Data File Plus (NDDF Plus).
Comprehensive Drug Pricing Information
Tracking drug price changes and new product introductions require timely, comprehensive information from multiple sources. Nevertheless, many companies still perform pricing analysis manually. Even existing electronic solutions typically don't have automated access to all the pricing information they need.
First DataBank offers the simplest way to automate the complex and time-consuming process of manual pricing analysis. Our drug databases incorporate user-friendly access to multiple therapeutic classification systems, as well as a drug vocabulary that's both wide and deep. This eases your ability to do competitive comparisons for products by therapeutic class at both general and specific levels.
Moreover, simple drug lookups by product name or multiple identification types (including National Drug Code number) allow you to examine current pricing and price history. You can print or export spreadsheet reports and set up custom fields to assign a price type to a drug that data providers don't typically capture (such as percent value above or below the average wholesale price).
You save time and money through:
- Ready access to comprehensive, up-to-date drug information
- The ability to analyze that information quickly and efficiently
- And the ability to export that information in easy-to-read report formats
Essential Building Blocks
In short, First DataBank sets the standard for providing context-relevant drug information that facilitates the most efficient and effective pricing analyses. Numerous components contribute.
NDDF Plus is the leader in supplying comprehensive coverage of descriptive, pricing and clinical information on drugs. It encompasses medications approved by the FDA, plus commonly used over-the-counter drugs and information on herbals, nutraceuticals and dietary supplements. Comprehensive and up-to-date are the key concepts here, since drug content is dynamic and notoriously difficult to maintain. The number of drugs on the market has grown exponentially in recent years, not to mention the challenge of daily changes in pricing information. It's essential, therefore, that the drug knowledge base behind pricing analysis applications be the most reliable in the industry. NDDF Plus is that knowledge base.
Our proprietary Enhanced Therapeutic Classification (ETC) system allows you to quickly find products within therapeutic classes and to revise clinical information at as general or specific a level as necessary.
PricePoint Rx delivers authoritative drug price information in seconds, using an intuitive design that allows you to look up current and historical pricing, and easily review competitors' products and prices.
Formulist provides unprecedented pricing analysis capabilities through a user-friendly interface that draws on the over 100,000 drug and health products in NDDF Plus, as well as the power of ETC. Compatible with most industry IT standards, Formulist allows you to take advantage of the latest software advances.
