What does this Program Mean for your Sales Strategies?
The 340B Drug Pricing Program is a federally managed program that allows certain types of hospitals (“covered entities”) to receive special pricing on outpatient drugs from drug manufacturers. We created this new e-learning module to help you understand the history of the Program, how it is monitored, and recent changes that have occurred since the adoption of the Affordable Care Act (ACA). You can also learn how to determine the impact of the Program in your market.
This program was created to authorize covered entities to stretch already scarce federal resources as far as possible, reaching the greatest number of eligible patients as possible and providing a wider range of services. It is expected that this program will save covered entities between 25-50% of average wholesale price for covered outpatient drugs.
The primary impact the 340B program has on the pharmaceutical industry is on product pricing. Pharmaceutical Research and Manufacturers of America (PhRMA) expects that by 2019, 340B drugs will represent 8% of pharmaceutical sales. That’s a 2.8% increase from 2013. What does that mean for your sales strategies?
This module will not only allow you to gain a better understanding of how the 340B program will impact your market but also give you insight into:
- The history of the 340B Program, key terms and criteria related to the Program.
- How the 340B Program is monitored.
- How the ACA impacted growth of the 340B Program and additional updates to the 340B Program.
- The complexities associated with the oversight of the 340B Program.
- The impact of the 340B Program on the pharmaceutical industry, resources for staying informed on a territory level.
Contact CMR Institute today to understand how our resources can help your sales teams build credible relationships, better position their products in the market, and grow market share.