IRVING, Texas, Feb. 24, 2014 /PRNewswire/ -- Novation, the leading health care supply chain expertise, analytics and contacting company, today announced the release of its latest Drug Price Forecast Summary Report. The semi-annual report provides pharmacy leaders with information and support resources to aide in the development of critical annual budget projections.
According to the latest information, Novation estimates the average cost of pharmaceuticals for purchases from July 1, 2014 through June 30, 2015 to increase about three percent. This is consistent with industry estimates of changes in the expense related to pharmaceuticals. The Drug Price Forecast Summary Report provides Novation's projections of drug price behavior for key purchase categories representing the majority of pharmacy spending. The report also includes detailed price projections by generic name and therapeutic class, insights into hot industry topics, such as biosimilars, and information on factors likely to affect drug expenditures through 2017.
"Hospitals today are faced with increasing pressures to both lower costs and increase quality, and formulating pharmacy budgets in this dynamic health care environment is never easy," said David Jameson, vice president, Pharmacy, Novation. "We are pleased to continue to provide hospitals with insights into drug purchasing patterns. This includes providing projections on price inflation, as well as information on a number of trends that can have a significant impact on pharmacy purchasing programs."
The Drug Price Forecast Summary Report is based on Novation's industry-leading analytic software technology that enables the company to analyze millions of purchase and supply data points associated with its Pharmacy Program. For example, the annual committed purchasing volume through the Novation Pharmacy Program portfolio grew to $23 billion in 2013, a 21 percent increase compared to the previous year.
The complete Drug Price Forecast Report can be accessed by the hospital members served by Novation through the Marketplace|Procure web portal.
A summary of the report is available here: https://www.novationco.com/media/industryinfo/NovationDrugPriceForecastSummary.pdf.
About Novation, Winner of the Ethics Inside® Certification
Founded in 1998, Novation is the leading health care supply chain expertise, analytics and contracting company for the more than 100,000 members and affiliates of VHA Inc. and UHC, two national health care alliances, Children's Hospital Association, an alliance of the nation's leading pediatric facilities, and Provista, LLC. Novation provides alliance members with sourcing services, as well as information and data services. Based in Irving, Texas, Novation develops and manages competitive contracts with more than 800 suppliers. VHA, UHC, and Provista members used Novation contracts to purchase approximately $43 billion in 2012. Novation has earned the coveted Ethics Inside® Certification from Ethisphere Institute, a leading international think tank dedicated to the research and promotion of best practices in corporate ethics and compliance. Novation also was named on Ethisphere's World's Most Ethical Companies list, and is the only company in the health care industry to earn both distinctions for two consecutive years. To learn more about Novation, please visit www.novationco.com and follow @NovationNews