Wolters Kluwer Health, a provider of information for healthcare professionals, has launched its new Brand Probability File, which reportedly simplifies data analysis for brand versus generic decisions.
The Brand Probability File provides pharmacies, pharmaceutical manufacturers and payers a new way to identify drug products as brand or as generic for purposes of formulary management, claim payment, claim reimbursement or other analytics, said Wolters Kluwer Health.
It is offered under the Medi-Span product line, which is comprised of drug and clinical information databases that can be embedded in a range of healthcare applications, including retail pharmacy, pharmacy benefit management, claims processing and electronic medical records.
The Brand Probability File helps users by providing objective evidence to back brand versus generic formulary decisions, increases efficiency by providing simplified access to the data that drives decisions, and simplifies the analysis needed for accurate and informed decision making, according to Wolters Kluwer Health. Utilizing various data elements published by Medi-Span and a proprietary algorithm, it calculates a Brand Probability Percent Value for a drug product. The closer the Brand Probability Percent Value is to 100%, the greater the probability that drug product behaves as a brand in the marketplace.
Arvind Subramanian, CEO of clinical solutions division at Wolters Kluwer Health, said: Pharmacy benefit managers and payers have long struggled with the issue of brand/generic determination. Definitions of brand and generic vary widely in the industry, and in the past most decisions have been made on a few select data codes, rather than on a comprehensible data analysis.