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Why Pharmabid.com

PharmaBid was designed and developed by a team of pharmaceutical and financial executives to drive economy and efficiency to the pharmaceutical supply chain.
The largest pharmaceutical online auction house focusing on independents, chains, and hospitals.
The largest selection of accredited wholesalers, distributors and manufacturers who have been reviewed and approved by the PharmaBid staff.
Best-in-class technology to save pharmacies time and maximize pharmaceutical dollars.
The technology leader with a focus on customer service. Live contacts that can help a pharmacy navigate the website and help place bids.

Pharmacy Challenges

Pharmacy Challenge – Medicare Part D

Medicare Part D plans are reimbursing (maximum allowable cost) generics below the cost you can buy them.

Unique bidding technology developed for PharmaBid allows pharmacies to put any generic out to bid to hundreds of qualified distributors, wholesalers, and manufacturers to find the best price available for a generic, and turn a money-losing prescription into a profitable transaction.
When a Medicare Part D plan is reimbursing a product below your cost it usually indicates that the price exists somewhere else out in the marketplace. PharmaBid will help a pharmacy find that price.

Pharmacy Challenge – Insurance Companies/PDP's/PBM's/PBA's

Whatever name you use, the outcome is still the same; lower reimbursements and lower margins.

Unique bidding technology developed for PharmaBid allows pharmacies to put any generic out to bid to hundreds of qualified distributors, wholesalers, and manufacturers to find the best price available for a generic and turn a money losing prescription into a profitable transaction.
The "Stat Orders" section in PharmaBid will help pharmacies find discounted products. Pharmacies can find short dated, excess inventory, close out, and damaged goods (cosmetic-only damages). They can also find normal branded drugs at day-to-day prices below primary wholesaler prices available for purchase.

Pharmacy Challenge – Pharmaceutical Manufacturers

Did the pharmaceutical manufacturer contact you to let you know that they were raising their prices? Probably not.

PharmaBid brings pharmacies together with distributors and wholesalers who are willing to extend the original price or something similar.
Certain products are hard to come by, such as blood products, specialty injectables, etc.
When pharmacies put out a bid for specialty pharmaceuticals, we notify key qualified distributors of their desire to purchase. Example: Instead of a pharmacy calling every major specialty wholesaler to buy 20,000 grams of IVIG, they can list it at PharmaBid and we will notify the specialty distributors for them.

Pharmacy Challenge – Deficit Reduction Act AMP/Medicaid Cuts

AMP was designed to help the government calculate the true cost of a pharmaceutical and, in effect, lower the reimbursement to pharmacies via the Medicaid program.

PharmaBid gives pharmacies the ability to bid out their volume on key pharmaceuticals and get below the average.
PharmaBid also allows pharmacies to pool their buying power together with other pharmacies in an effort to maximize their buying power and achieve the lowest cost available on pharmaceuticals.

Pharmacy Challenge – Wholesalers

Wholesalers are enjoying 25% - 100% margins on the generics they sell to pharmacies every day, and at the same time are trying to lock them into contracts that try to force generic compliance. They also force pharmacies into restrictive payment terms.

We are seeing that a pharmacy can typically save an average of 20% on purchases by using PharmaBid as compared to their primary wholesaler.
Example: Pharmacy A spends $100,000 a year on Lisinopril through their wholesaler, when these same purchases could have been made through PharmaBid, with a net savings of $20,000.
The vast majority of PharmaBid suppliers provide 30 days dating, possibly more (pending credit approval).

Pharmacy Challenge – Inventory

While drug prices continue to soar upward, insurance plans continue to pay more slowly.

PharmaBid can help a pharmacy lower their inventory by buying at lower prices, less often. Buy one week's worth of Metformin, get the best price in the market, keep an inventory full for customers, and pay for it a month later.
Additionally, PharmaBid will eventually be able to accept flat files and exports from pharmacy systems and ordering systems to help pharmacies quickly enter bids.

Pharmacy Challenge – Employee Allocation

Pharmacy buyers are spending hours on the phone and on websites trying to find the best price on a product. Figure out the time a buyer spends during a day shopping for deals and calculate it out over a year. It will be an eye-opener for most pharmacies.

At PharmaBid we bring all the major suppliers to one website to bid on each pharmacy’s business. This eliminates the need to spend valuable time calling multiple vendors to find the best deal available. Let them come to the you, and when they phone you, let them know that your business is listed on PharmaBid, then they can bid on it.
PharmaBid allows a user to set a Target Price so that when the bidding timeframe ends, the order can be automatically processed if someone comes in below the Target Price.

Pharmacy Challenge – Buying Power

Some pharmacies don't possess enough buying power to make the impact that they would like, or someone else is taking advantage of their buying power.

Pharmacies can join together to put out large bids and buy like a large pharmacy chain.
A pharmacy may become their own Buying Group or GPO. Quit letting them collect on every single purchase that you make. PharmaBid allows the pharmacy the tools to become its own Buying Group.

PharmaBid Value Proposition

Unique bidding technology for pharmacies to maximize their buying power.
Group bidding for smaller pharmacies to maximize their buying power is created by joining other bidding pools.
Approved and accredited wholesalers, distributors, and manufacturers to bid on your business.
Automated bid approval and quick-bid entry.
Inventory upload for quick bidding process.
Savings of 20% or more over standard buying processes.
Stat Orders for purchasing any product, any time.
PharmaBid connects pharmacies with specialty distributors and manufacturers.
NO CHARGE for pharmacies to bid on PharmaBid.