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Importance of Global drug database and its price index in international market

Why is a medicine database needed?

Over the world, many manufacturers remain in the dark about the appropriate pricing to be set for medicine prices. They need to optimize profitability with costs incurred and arrive at a sustainable balance between the two. A medicine database helps the manufacturer to know the pricing applied to a particular medicine and then price it appropriately. This way they eliminate problems of over-pricing or under-pricing (both of which can be harmful to a drug manufacturer’s business and operations

What should be essential in a drug database?

Many details are considered essential for a good medicine database

1 – Versatility of information

Different use cases require different types of elements to be searched and retrieved in a medicine database. Some instances include the active ingredients, the universal ATC code, and the contact information of the manufacturer. This way there will be better transparency in the drug prices and informed decision making

2 - Granular data

A good medicine database needs to have data and records of not only the drugs existing in the market but should also have details about finished dosages that will be passing through the licensing process shortly. This way the access to the database can be made ready for the future and have a granular level information retrieval facility

3 – Factoring in real time updates

Factors like large price drops need to be updated immediately in a medicine database. This way orders placed for drugs can reflect the updated drug prices and hence there won’t be any chances of incurring loss due to non-availability of real time knowledge.

4 – Powerful search

 

An ideal pharmaceutical database will consist of millions of records of different medicines. It is important that the user doesn’t spend a lot of time retrieving the specific information he/she is looking for. Hence the search bar should have a few good features such as auto- complete, search by different tags like ATC codes, active ingredients, or trade names, or even search by dossier format.

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