Prescription Drug Transactional Analytics
Copharix is the exclusive strategic partner of Weno Exchange for providing data aggregation / data warehouse services as well as statistical, econometric, and other data analysis capabilities and tools. These Copharix resources are used to gain business insight and intelligence based on the transactional data generated by the Weno BSURE Service. These transactional data are analyzed according to detailed attributes of interest to each client. Copharix Analytics provide powerful and unparalleled insights tailored for various decision makers in the drug distribution value chain. To see more information on WENO BSURE go to www.wenoexchange.com.
Brand-name drug companies are increasingly offering copayment subsidy programs—i.e. programs to provide patients with coupons to cover insurance co-pay costs—in an effort to ensure patient access to brand-name drugs and maintain market share while competing with generic alternatives. Opportunities associated with copayment subsidy, coupon and loyalty programs are of interest because of their potential impact on cost-sharing provisions of insurers and benefits managers.
Under its strategic agreement with Weno, Copharix will aggregate Weno transactional data into a centralized database that will then be used for the analysis of the characteristic components of drug prices. These analyses will include assessments of the impact of demographic, geographic and temporal dynamics as well as Pharmaceutical market conditions.
Copharix provides analytics and pharmacoeconomic analyses that are based on the data which we aggregate into the centralized database – data warehouse. The results of these analytic studies and assessments will be provided to Weno thru a secure portal from which end-use clients can access the reports. These Copharix information services will be available to end-use clients on a subscription basis with monthly recurring fees under multi-year contracts. In this sense, Copharix is the publisher of these information services and Weno is a contract distributor of Copharix information services to end-user subscribers. Under Copharix’s strategic agreement with Weno, we do not pay Weno for the transactional data feed rather they will receive a percent of the subscription revenue. More details on this are provided in the financial section.
Pharma Market Analytics
Copharix uses descriptive, predictive and prescriptive modeling methodologies to assess factors that affect pharmaceutical market performance and price trends. For example, we provide business intelligence regarding components of drug prices that are representative of the various price influencers in the pharmaceutical value chain. Copharix’s analysis of drug pricing behavior begins with assessments of the costs of Active Pharmaceutical Ingredients (APIs) for each product within a drug therapy class. We characterize the price continuum that results in a Net Price Paid® (NPP®) by consumers for each prescribed drug. The difference between the API and the NPP for a particular drug (or the Average API or Average NPP for a drug category) are attributable to a variety of factors controlled by various players in the pharmaceutical value chain. Copharix’s Component Price Metrics® (CPM® ) enable us to disaggregate the differences between API and NPP and to attribute the differences to components of the value chain. We provide comparisons to other traditional benchmarks for drug prices such as AWC, AWP, MAC, PAC, published price lists, etc. Using transactional data, catalogued by its detailed attributes for each prescription, Copharix Analytics provide a powerful window into the components of drug prices thereby providing unparalleled transparency.
Copharix Component Price Metrics® (CPM®) enable us to disaggregate drug prices into their key elements across all micro-segments of interest. Copharix is then able to compare Net Consumer Prices® (NCP®) with unprecedented precision. Using our CPM® and NCP® analytics, Copharix provides reports that enable our clients to retrospectively evaluate pricing decisions based on various benchmarks of interest. This information is invaluable to decision makers in the pharmaceutical value chain. Copharix services provide drug market business intelligence relating to:
Market share, sales volume, Net Consumer Prices, prescription volume, and other demand attributes by micro-segments enabling clients to assess their performance in various dimensions;
Dynamic comparisons of the units sold, revenue and cash flow associated with discount programs at various micro-segment levels;
Relative price differentials along the drug distribution value chain allowing the comparison of drugs price components to other traditional metrics such as AWP, MAC, etc.;
Assessments of incremental profitability at various levels of the distribution value chain for each prescription product based on the components of its NPP®; and
Compare revenue performance for multiple products within each micro-segment.