In the pharmaceutical industry, a “Price Book” is often synonymous with Compendia data. Even though physical publications were discontinued more than 15 years ago, people in the industry still use the term “Price Book.” As somebody who has worked in the Compendia industry for more than 20 years, the continued use of this outdated term demonstrates that those in the pharma industry are missing the clinical importance of Compendia data.
Don’t get me wrong, pricing is an extremely important part of Compendia data, and “real-time pricing” has existed in at least 1 major Compendia for several years now. However, pharmaceutical manufacturers need to realize the importance of Compendia and why it is more than just a “Price Book.”
Compendia data is the core data that feeds multiple areas with critical information:
The easiest way to understand Compendia’s significance is to think about your personal experience – if you’ve ever had a prescription filled, the process involved a reference to Compendia data. For instance, the literature you find stapled to the pharmacy bag includes Compendia data. Another example is the drug allergy question your doctor asks when prescribing a new medication, which stems from Compendia data. All information and answers about prescription medications are sourced from Compendia.
In short: if a manufacturer’s product is not listed in the Compendia databases, it can’t be ordered, electronically prescribed or reimbursed. It’s as if the drug does not exist in the marketplace.
To learn more about Compendia and how to have a successful product launch, visit www.twolabs.com, or email us at info@twolabs.com.