The Vizient Biosimilar Tracker is an analytics module, typically accessed through the Vizient Savings Actualyzer and Vizient Pharmacy Analytics platforms, designed to help Vizient member health systems and hospitals successfully navigate the complex biosimilar market.
Its primary value proposition is to help pharmacy teams capture quantifiable savings through cost reduction, revenue enhancement, and reimbursement optimization by facilitating the successful adoption and conversion to biosimilar products. Given the significant financial opportunity presented by biosimilars, such as adalimumab, the Tracker provides the necessary data-driven insights to manage this transition effectively.
Key Features and Capabilities
- Biosimilar Tracker Analytics: Provides deep, organization-specific analytics to maximize and track opportunities for biosimilar savings and value realization.
- Biosimilar Calculator: A login-required tool that allows users to compare potential savings across multiple biosimilar products.
- Conversion Progress Benchmarking: Enables pharmacy advisory experts to utilize analytic insights to benchmark a member's biosimilar conversion progress against peers.
- Formulary Management: Delivers insights to support formulary management through contract maximization and standardized utilization of high-cost biologic agents.
- Expense Management Visibility: Provides real-time visibility into expense management across all care settings (as part of the broader Vizient Pharmacy Analytics offering).
Target Users and Use Cases
The software is targeted at pharmacy professionals and executives within Vizient's member health systems and hospitals.
Primary Use Cases:
- Developing and executing a successful biosimilar strategy.
- Optimizing pharmacy spend and cost management.
- Informing formulary decisions for both inpatient and outpatient settings.
- Benchmarking internal biosimilar adoption rates against industry trends and peers.