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IPD experts take you through the basics of how P&T Committees work to plan their formularies.
Topics included in this episode:
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P&T Committee goals, members, and purpose
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Clinical and financial reviews
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Formulary tiering
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Payer formulary planning trends
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Manufacturer timing and communication strategies for formulary inclusion
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Drug life-cycle analysis and timing
IPD'S DRUG & CLINICAL REVIEW:
AN INSIDE LOOK AT FORMULARY MANAGEMENT
AND P&T COMMITTEES
“So is the purpose of a P&T committee different for health plans, PBMs, and hospitals, or is it all the same?”
“Well, for plans and PBMs, the P&T committee reviews and makes decisions about the appropriate use of drugs, biologics, and select non-drug pharmacy related products. For institutions, the P&T committee is responsible for all matters related to the use of medications in the institution, including, as I mentioned, maintenance of a formulary and strategic formulary planning. And in an institution like a hospital, the P&T committee typically serves as the liaison between the pharmacy department and the medical staff.”