Gold Standard/Elsevier Offers Timely, Transparent, Reliable Drug Pricing Data, Including Average Wholesale Price (AWP)
By Gold Standardelsevier, PRNEMonday, May 17, 2010
Amidst Industry Unrest due to Drug Pricing Benchmark Upheaval, Gold Standard/Elsevier to Continue Publishing AWP and Other Pricing Standards
TAMPA, Florida, May 18, 2010 - Gold Standard/Elsevier, publisher of drug information databases and
decision support solutions, has announced its commitment to continue
publishing transparent drug pricing information, including average wholesale
price (AWP) and all other current and future pricing benchmarks. This
announcement comes amidst statements by other drug database suppliers
indicating they will discontinue publishing AWP in 2011.
"Gold Standard reports all drug pricing standards utilized and required
within the industry, and we intend to continue doing so," stated Kay Morgan,
Senior Vice President, Drug Product and Industry Standards Research and
Compliance for Gold Standard/Elsevier. "We understand the frustrations felt
by those who rely on AWP and expect stability and dependability from their
drug databases. We look forward to providing a reliable and flexible resource
for pricing industry-wide, including AWP and any new benchmarks, through our
Alchemy drug database and ProspectoRx pricing analysis tool."
Gold Standard/Elsevier supports transparent price benchmarks for payers
(health plans, patients, government agencies and employers), pharmacies and
other providers for prescription drugs. The company publishes reported and
calculated drug prices that are clearly distinguished within the database,
and adheres to strict internal policies for populating reported versus
calculated pricing fields. Drug company reported prices of AWP, WAC
(wholesale acquisition cost), CMS FUL (Federal Upper Limit), and Direct Price
are included in Gold Standard's database. The company's calculated price
types include: Calculated AWP 1.25 (25% mark-up), Calculated AWP 1.20 (20%
mark-up), and Calculated CMS FUL.
Gold Standard/Elsevier provides comprehensive drug pricing data via its
Alchemy integrated drug database and ProspectoRx web-based drug pricing and
analysis tool. Both sources offer the most frequent and accurate updates in
the industry. Following review and confirmation by editorial professionals,
price changes are published "live" throughout the day as they are reported by
drug companies. The company's unique Price Change Indicator tracks pricing
change catalysts consistently, reporting on whether the source came from the
drug company's reports, billing unit changes or errors.
"Customers of Gold Standard/Elsevier benefit from receiving new drug
product and pricing data sooner due to our superior data modeling, which
affords us the quickest and most efficient turnaround for price changes and
industry updates," continued Morgan.
Alchemy is an integrated drug database and drug decision support engine
that fulfills the evolving medication management needs of today's complex
healthcare systems and applications. Alchemy delivers the most current and
accurate drug data and decision support tools seamlessly and cost-effectively
, taking users far beyond the capabilities of other drug databases.
About Gold Standard
Based in Tampa, FL, Gold Standard/Elsevier uses innovative
technologies to provide a complete suite of drug information and decision
support solutions. With a tenacious commitment to product quality, Gold
Standard/Elsevier solutions empower healthcare organizations, professionals
and consumers to meet the most pressing healthcare challenges, improve
patient safety and ensure optimal outcomes. To learn more about Gold
Standard/Elsevier, visit www.goldstandard.com.
About Elsevier
Elsevier is a world-leading publisher of scientific, technical
and medical information products and services. Working in partnership with
the global science and health communities, Elsevier's 7,000 employees in over
70 offices worldwide publish more than 2,000 journals and 1,900 new books per
year, in addition to offering a suite of innovative electronic products, such
as ScienceDirect (www.sciencedirect.com/), MD Consult (
www.mdconsult.com/), Scopus (www.info.scopus.com/),
bibliographic databases and online reference works.
Elsevier (www.elsevier.com/) is a global business
headquartered in Amsterdam, The Netherlands and has offices worldwide.
Elsevier is part of Reed Elsevier Group plc (www.reedelsevier.com/), a
world-leading publisher and information provider. Operating in the science
and medical, legal, education and business-to-business sectors, Reed Elsevier
provides high-quality and flexible information solutions to users, with
increasing emphasis on the Internet as a means of delivery. Reed Elsevier's
ticker symbols are REN (Euronext Amsterdam), REL (London Stock Exchange), RUK
and ENL (New York Stock Exchange).
Tom Reller Vice President of Global Relations, Elsevier +1-212-462-1912 T.Reller@Elsevier.com
Contact: Tom Reller, Vice President of Global Relations, Elsevier, +1-212-462-1912, T.Reller at Elsevier.com
Tags: florida, Gold Standard/elsevier, May 18, Tampa, United States of America