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Vizient's Drug Price Forecast Offers Insights into Costs and Pharmacy TrendsVizient, Inc. has released its July 2017 Drug Price Forecast. An executive summary of the Drug Price Forecast can be accessed here. The report provides pharmacy leaders and health system executives with the latest information and insight on factors driving pricing and practice changes in the pharmaceutical industry. The forecast also serves as a key tool for Vizient members in the development of annual budget projections for their health systems. Vizient estimates that for pharmaceutical purchases made from Jan. 1, 2018 to Dec. 31, 2018, health systems can expect a 7.61 percent increase in price. The forecast is focused on pharmaceutical use in both hospital and non-acute settings. Vizient bases inflation estimates for the forecast period on past price change history during the last 36 months where available, as well as current knowledge of contract allowances and marketplace factors such as expiring patents and anticipated new competition - along with experience - to develop a projected inflation estimate. "The latest Drug Price Forecast highlights numerous market dynamics that continue to contribute to rising pharmaceutical costs and exacerbate the challenge of managing health system pharmacy expenses," said Dan Kistner, senior vice president, pharmacy solutions for Vizient. "Pharmacy leaders - now more than ever - must be proactive and strategically plan to address these issues and implement cost-saving and quality optimization measures." In addition to the pricing projections that affect a health system's pharmacy budget, the Drug Price Forecast also offers insight into topics such as biosimilars, drug shortages, and orphan drugs, as well as a timeline of anticipated major events that will affect pharmacy practice in the coming months and years. These insights, as well as recommended strategies in the report, are intended to help hospitals navigate anticipated pharmaceutical trends over the next sixto 18 months. Highlights from the forecast report include:
The Drug Price Forecast is based on the analysis of data from Vizient's Pharmacy Program, which compiles member participants' purchases (price and volume) in hospital and non-acute care settings. About Vizient, Inc. Vizient, Inc., the largest member-driven health care performance improvement company in the country, provides innovative data-driven solutions, expertise and collaborative opportunities that lead to improved patient outcomes and lower costs. Vizient's diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents more than $100 billion in annual purchasing volume. The Vizient brand identity represents the integration of VHA Inc., University HealthSystem Consortium and Novation, which combined in 2015, as well as MedAssets' Spend and Clinical Resource Management (SCM) segment, including Sg2, which was acquired in 2016. In 2017, Vizient again received a World's Most Ethical Company designation from the Ethisphere Institute. Vizient's headquarters are in Irving, Texas, with locations in Chicago and other cities across the United States. Please visit www.vizientinc.com as well as our newsroom, blog, Twitter, LinkedIn and YouTube pages for more information about the company.
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