Pharmacy and Therapeutics (P&T) committees can no longer afford to make formulary decisions based on anecdotal experience from physicians on their personal preferences or from a drug rep’s sales pitch. The committee needs objective, real-world evidence that is based on real-world data to determine the efficacy of individual drugs.
Pharmacy and Therapeutics (P&T) committees can no longer afford to make formulary decisions based on anecdotal experience from physicians on their personal preferences or from a drug rep’s sales pitch. The committee needs objective, real-world evidence that is based on real-world data to determine the efficacy of individual drugs.
The presence, absence, or frequency of a certain drug on payer formularies can serve as leverage, impacting what hospitals and other drug purchasers end up paying for the drug.
And, based on clinical assessments of the drugs and the negotiated price obtained by the payer, the drugs then get organized on the formulary into tiers with higher and lower copays — so formularies determine what patients end up paying, too.
For something with as much power to influence drug prices (and downstream healthcare costs resulting from noncompliance) as formularies have, it’s critical that your decisions are informed by objective, real-world evidence.