ST. LOUIS (PRWEB) December 03, 2018
Intalere, the healthcare industry leader in delivering optimal cost, quality and clinical outcomes, today announced its enhanced generic injectable pharmaceutical sourcing strategy, built around a highly dynamic real-time model, has helped to optimize market opportunities for members, driving more than 11 percent in members savings.
Todd Larkin, Senior Vice President of Contracting for Intalere explained the pharmacy sourcing team took a new approach in early 2018 to ensuring that generic injectable pharmaceutical pricing and access remained as competitive as possible for members. The model involved conducting mini-bids each month, with an average of 75 different National Drug Codes (NDCs) represented. Previously, these drugs would be part of a large, strategic sourcing event every three years.
“The main goal was to develop a best practice that maintains pricing awards as market-current and competitive as possible, in order to provide real-time sourcing and optimize the market,” said Larkin. “Currently in 2018, through approximately 500 bidding events, we have helped members save more than 11 percent.”
The process also provides an added layer of support in managing shortages through the real-time structure, which aligns with more predictive sourcing strategies, taking advantage of market conditions, ensuring multiple sources when needed and further mitigating risk of supply disruption.
Based on the success of the initial enhancements, Larkin said the Intalere pharmacy team was focused on further increasing efficiency and competitiveness through process improvements, sourcing automation and utilization of reverse auctions in 2019.
Intalere’s mission focuses on elevating the operational health of America’s healthcare providers by designing tailored, smart solutions that deliver optimal cost, quality and clinical outcomes. We strive to be the essential partner for operational excellence in healthcare through customized solutions that address customers’ individual needs. We assist our customers in managing their entire spend, providing innovative technologies, products and services, and leveraging the best practices of a provider-led model. As Intalere draws on the power of our owner Intermountain Healthcare’s nationally-recognized supply chain expertise and leadership in technology, process improvement, and evidence-based clinical and business best practices, we are uniquely positioned to be the innovation leader in the healthcare industry. Visit http://www.intalere.com to learn more.