Gold Standard/Elsevier Offers Timely, Reliable Drug Pricing Data, Including Average Wholesale Price
TAMPA, FL - 18 May, 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.