Creating a systemwide pharmacy network
For Elie Bahou, senior vice president and chief pharmacy officer, Providence, implementing a systemwide pharmacy network was the path to optimizing Providence’s operational performance. Working with Vizient, Bahou and his pharmacy team created the Providence Health Pharmacy Network to oversee pharmacy operations across the entire system. This network-enabled aligned structure created:
- A corporate-level pharmacy system team of pharmacists, physicians and drug supply chain and utilization management specialists overseeing operations for the entire network
- A group of seven pharmacy executives, one from each of Providence’s seven regions, who also serve on the corporate-level pharmacy system team
- An embedded pharmacist in each of Providence’s clinical institutes, which mirror the medical specialties offered by the system, to serve as a resource to physicians and to communicate the system’s pharmacy initiatives to the physicians
- A standardized drug formulary that’s part of the same electronic health record (EHR) system now used by all Providence care delivery sites to inform prescribers which drugs are formulary-approved for their patients
- A standardized drug purchasing and inventory management platform that ensures compliance with system-wide purchasing processes and drug inventory levels
Check out our infographic to find out how Providence leveraged its purchasing power and adopted biosimilars to save $8.5 million in seven months or see how Providence created more value for prescribers and patients by reading the case study.
"The first step was to optimize our combined $2.5 billion in drug spend through formulary alignment. What this meant was to bring our inpatient and outpatient pharmacies under the leadership of our system pharmacy."
52 - 61.00%
Biosimilar adoption rates for four biosimilar drugs by prescribing physicians
$27.00M
Savings from consolidate flu vaccine purchases for 2020-2021 flu season
$10.40M
Annualized savings by converting to biosimilar Udenyca from biologic Neulasta
$27.00M
Savings across seven molecules in two years using biosimilars
Biosimilars: Understanding the Impact on the Health System Bottom Line
As blockbuster biologics continue to come off patents, biosimilars are poised to play a crucial role in reshaping the treatment landscape for cancer and other chronic conditions. Besides producing equivalent outcomes to their biologic reference products, biosimilars are expected to help lower costs.
Though biosimilars are expected to be priced 15 to 30% below that of their reference products, reimbursement policies for biosimilar therapies do not always translate to overall, improved post-reimbursement value.
The Transformation of Value-Based Care at Providence St. Joseph Health System
Featuring a discussion with James Harker, Chief Population Health Officer, Providence St. Joseph Health System, discussing how value-based care models can serve as a stable business model during a tumultuous time.
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