How to take control of your hospital's drug spend — 4 strategic questions to answer
As hospital leaders look for new ways to contain costs, specialty drug spend continues to present a challenge. In 2018, a growing number of patients received new specialty treatments across a wide range of therapeutic areas, from oncology to migraines. While net spending for traditional medicines fell 3.4 percent in 2018, specialty medication spending increased more than 5 percent, according to IQVIA.
The continued growth of specialty pharmaceuticals requires hospital pharmacies to think differently about traditional inventory models. A consignment inventory model ensures critical medications are available when you need them. Answer the questions contained in this article and take back time to focus on patient care instead of time-consuming manual processes, excessive carrying costs, or waste due to obsolescence.
In this article you'll learn:
The continued growth of specialty pharmaceuticals requires hospital pharmacies to think differently about traditional inventory models. A consignment inventory model ensures critical medications are available when you need them. Answer the questions contained in this article and take back time to focus on patient care instead of time-consuming manual processes, excessive carrying costs, or waste due to obsolescence.
In this article you'll learn:
- Key factors to consider when evaluating a consignment model
- How consigning emergency drugs with variable demand can help to reduce costs
- How an RFID-enabled consignment program automates manual tasks
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