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Bid purchasing of pharmaceuticals

R G Swift, M R Ryan

    American Journal of Hospital Pharmacy
    |November 1, 1978
    PubMed
    Summary

    Hospital bid purchasing of pharmaceuticals can lead to monetary savings. Key factors for success include formulary policies, effective bid procedures, and clear drug evaluation criteria. Savings depend on hospital drug usage patterns.

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    Area of Science:

    • Health Economics
    • Pharmaceutical Management
    • Hospital Administration

    Background:

    • Bid purchasing is a procurement strategy used by hospitals for drug products.
    • Evaluating the financial impact and operational factors of pharmaceutical bid purchasing is crucial for healthcare institutions.

    Purpose of the Study:

    • To review the effects and influencing factors of hospital bid purchasing for pharmaceuticals.
    • To present price data from a specific hospital in 1974 and 1977 comparing bid purchasing with non-bid purchasing.
    • To identify critical elements for a successful pharmaceutical bid purchasing system.

    Main Methods:

    • Review of existing literature and practices related to hospital pharmaceutical procurement.
    • Analysis of price data for nonproprietary drug products from a specific hospital for two distinct years (1974 and 1977).
    • Identification and evaluation of key components for effective bid purchasing systems.

    Main Results:

    • Significant price differences were observed between bid and non-bid purchasing for 50 nonproprietary drugs in 1974 and 19 products in 1977.
    • Essential factors for successful pharmaceutical bid purchasing include: a formulary policy, efficient bid handling procedures, and defined drug evaluation criteria.
    • Monetary savings are achievable through pharmaceutical bid purchasing, but the extent of savings is directly related to the hospital's specific drug utilization.

    Conclusions:

    • Hospital bid purchasing of pharmaceuticals offers potential for cost reduction.
    • The implementation of a formulary policy, robust bid procedures, and clear evaluation criteria are vital for maximizing savings.
    • The actual financial benefits derived from bid purchasing are contingent upon the volume and type of drugs used by the hospital.

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