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STRATEGIC COST MANAGEMENT OF PHARMACEUTICALS
BD Healthcare Consulting, September 7, 2003
When operating on a fixed budget and under ever-increasing financial pressure, a healthcare organization can ill afford the increased drug spending expected again this year. A multi-faceted cost reduction program that encompasses pricing, standardization, and utilization strategies can help facilities mitigate many factors that increase their drug spending and realize significant and sustainable drug cost reductions. This article will:
- Review an approach that combines pricing, standardization, and utilization strategies to optimize the cost effective selection and use of pharmaceuticals
- Provide examples from the field of implemented pricing, standardization, and utilization strategies and their results
- Discuss the critical success factors that elevate efforts from typical "quick fixes" to sustainable cost management
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