IG@P, Our Single Online Technology Crowdsourcing Platform

2021 ◽  
Author(s):  
Fadhlan Nik Abdul Aziz ◽  
Khairul Azni Abdul Hamid ◽  
Mazlina Matlasa ◽  
Muhammad Hasif Hasan ◽  
Deenitha Ambigai Supparamaniam ◽  
...  
Keyword(s):  
Value Creation ◽  
Cost Savings ◽  
Online Technology ◽  
Cost Avoidance ◽  
Technology And Innovation ◽  
Economic Climate ◽  
Pain Points

Abstract This year has been a year of unprecedented and mounting challenges. While many had to dig deep and find ways to ride a tough economic climate, Innovation Gateway@PETRONAS (iG@P) found itself flourishing with many technology companies submitting their technology solutions to be evaluated, endorsed and included in iG@P Technology Catalog. At the end of 2019, there were 387 submissions. The number more than doubled to 824 at the end of 2020. iG@P is created to facilitate collaboration in the areas of technology and innovation for adoption and application, as well as accelerating pace in the deployment and replication of technology in PETRONAS. This paper discusses on the business pain points that iG@P has addressed and its corresponding technology value creation in cost savings, cost avoidance and cash generation.

Cost Avoidance and Clinical Benefits Derived from a Pharmacy-Managed Anemia Program

2000 ◽  
Vol 35 (2) ◽  
pp. 169-175 ◽  
Author(s):  
Robert A. Quercia ◽  
Ronald Abrahams ◽  
C. Michael White ◽  
John D'Avella ◽  
Mary Campbell
Keyword(s):  
Cost Savings ◽  
Cost Effective ◽  
Hemodialysis Patients ◽  
Cost Avoidance ◽  
Number Of Patients ◽  
Epoetin Alpha ◽  
Clinical Benefits ◽  
Unit Dose ◽  
One Year ◽  
Alpha Therapy

A pharmacy-managed anemia program included distribution and clinical components, with the goal of making epoetin alpha therapy for hemodialysis patients more cost-effective. The Pharmacy Department prepared epoetin alpha doses for patients in unit-dose syringes, utilizing and documenting vial overfill. Pharmacists dosed epoetin alpha and iron (oral and intravenous) per protocol for new and established patients. Baseline data were obtained in 1994, one year prior to implementation of the program, and were re-evaluated in 1995 and 1998. Cost avoidance from utilization of epoetin alpha vial overfill in 1995 and 1998 was $83,560 and $91,148 respectively. In 1995 and 1998, cost avoidance from pharmacy management of anemia was $191,159 and $203,985 respectively. The total cost avoidance from 1995 through 1998 was estimated at $1,018,638. The number of patients with hematocrits under 31% decreased from 32% in 1994 to 21% and 14% in 1995 and 1998 respectively. We conclude that a pharmacy-managed anemia program for hemodialysis patients results in significant cost savings and better achievement of target hematocrits.

Proposed guidance on cost-avoidance studies in pharmacy practice

2021 ◽  
Author(s):  
Asad E Patanwala ◽  
Sujita W Narayan ◽  
Curtis E Haas ◽  
Ivo Abraham ◽  
Arthur Sanders ◽  
...  
Keyword(s):  
Clinical Pharmacy ◽  
Best Practice ◽  
Pharmacoeconomic Analysis ◽  
Pharmacy Practice ◽  
Cost Savings ◽  
Sensitivity Analyses ◽  
Cost Assessment ◽  
Potential Consequence ◽  
Cost Avoidance ◽  
Pharmacist Interventions

Abstract Disclaimer In an effort to expedite the publication of articles related to the COVID-19 pandemic, AJHP is posting these manuscripts online as soon as possible after acceptance. Accepted manuscripts have been peer-reviewed and copyedited, but are posted online before technical formatting and author proofing. These manuscripts are not the final version of record and will be replaced with the final article (formatted per AJHP style and proofed by the authors) at a later time. Purpose Cost-avoidance studies of pharmacist interventions are common and often the first type of study conducted by investigators to quantify the economic impact of clinical pharmacy services. The purpose of this primer is to provide guidance for conducting cost-avoidance studies pertaining to clinical pharmacy practice. Summary Cost-avoidance studies represent a paradigm conceptually different from traditional pharmacoeconomic analysis. A cost-avoidance study reports on cost savings from a given intervention, where the savings is estimated based on a counterfactual scenario. Investigators need to determine what specifically would have happened to the patient if the intervention did not occur. This assessment can be fundamentally flawed, depending on underlying assumptions regarding the pharmacists’ action and the patient trajectory. It requires careful identification of the potential consequence of nonaction, as well as probability and cost assessment. Given the uncertainty of assumptions, sensitivity analyses should be performed. A step-by-step methodology, formula for calculations, and best practice guidance is provided. Conclusions Cost-avoidance studies focused on pharmacist interventions should be considered low-level evidence. These studies are acceptable to provide pilot data for the planning of future clinical trials. The guidance provided in this article should be followed to improve the quality and validity of such investigations.

P9. Patient outcomes: documentation of cost savings and cost avoidance

1996 ◽  
Vol 18 ◽  
pp. 49
Author(s):  
A. Mutnick ◽  
K. Sterba ◽  
H.J. Black
Keyword(s):  
Patient Outcomes ◽  
Cost Savings ◽  
Cost Avoidance

Evaluation of the dosing strategies of biologic agents and the theoretical impact of dose rounding

2016 ◽  
Vol 24 (1) ◽  
pp. 47-55
Author(s):  
Savannah Lindsey ◽  
Laura Beth Parsons ◽  
Lindsay Rosenbeck Figg ◽  
Jill Rhodes
Keyword(s):  
Monoclonal Antibody ◽  
Monoclonal Antibodies ◽  
Medical Center ◽  
Academic Medical Center ◽  
Wholesale Price ◽  
Cost Savings ◽  
Retrospective Chart Review ◽  
Potential Cost ◽  
Cost Avoidance ◽  
The Cost

Introduction Monoclonal antibodies possess unique pharmacokinetic properties that permit flexible dosing. Increased use and high costs of these medications have led to the development of cost-containing strategies. This study aims to quantify the cost savings and clinical impact associated with dose rounding monoclonal antibodies to the nearest vial size. Methods This study was a single-arm, retrospective chart review assessing all monoclonal antibody doses dispensed at an outpatient community infusion center associated with an academic medical center between August 2014 and August 2015. All monoclonal antibody doses were reviewed to determine the cost of drug wasted using two methods. The waste-cost analysis described the amount of drug disposed of due to the use of partial vials. The theoretical dose savings described potential cost avoidance based on rounding the ordered dose to the nearest vial size. The theoretical rounded dose was compared to the actual ordered dose to explore clinical implications. Results A total of 436 doses were included. Of these, 237 were not rounded to the nearest vial size and included in the analysis. The cost of waste associated with these doses was $108,013.64 using actual wholesale price. The potential cost avoidance associated with the theoretical dose calculation was $83,595.53. Rounding these doses to the nearest vial size resulted in a median 6.7% (range, 1.4–20%) deviation from ordered dose. Conclusions Rounding monoclonal antibodies to the nearest vial size could lead to significant cost and waste savings with minimal deviation from the actual ordered dose.

The Role of the Clinical Pharmacist in a Preventive Cardiology Practice

2019 ◽  
Vol 53 (12) ◽  
pp. 1214-1219 ◽  
Author(s):  
Bruce A. Warden ◽  
Michael D. Shapiro ◽  
Sergio Fazio
Keyword(s):  
Medication Adherence ◽  
Clinical Pharmacist ◽  
Cost Savings ◽  
Pharmacist Intervention ◽  
Team Approach ◽  
Office Visits ◽  
Patient Cost ◽  
Clinical Interventions ◽  
Preventive Cardiology ◽  
Cost Avoidance

Background: Cardiovascular disease (CVD) remains the leading cause of morbidity and mortality worldwide. In response, a multidisciplinary team approach, which includes clinical pharmacists, is recommended to improve patient outcomes. The purpose of the study was to describe interventions associated with integration of a clinical pharmacist, with an emphasis on pharmacist-generated patient cost avoidance. Methods: This is a prospective observational study detailing pharmacist-initiated interventions within an academic preventive cardiology service. Interventions targeting pharmacotherapy optimization, side effect management, patient education, medication adherence, and cost avoidance were implemented during shared office visits with providers and/or on provider consultation for remote follow-up. Tabulation of cost avoidance was arranged into 2 formats: clinical interventions implemented by the pharmacist and direct patient out-of-pocket expense reduction. Money saved per clinical intervention was extrapolated from data previously published. Patient out-of-pocket expense prior to and after pharmacist involvement was calculated to assess aggregate yearly patient cost savings. Results: Over 12 months the pharmacist intervened on 974 patients, totaling 3725 interventions. Cost avoidance strategies resulted in yearly savings of $830 748 in aggregate—$149 566 from clinical interventions and $681 182 from patient out-of-pocket expense reduction. Monthly patient out-of-pocket expense was reduced from a median (interquartile range) of $217 ($83.5-$347) before to $5 ($0-$18) after pharmacist intervention. Conclusions: Addition of a clinical pharmacist within an academic preventive cardiology clinic generated substantial pharmacotherapy interventions, resulting in significant cost avoidance for patients. The resulting cost avoidance may result in improved medication adherence and clinical outcomes.

scholarly journals Improved Outcomes and Cost Savings Associated With Pharmacist Presence in the Emergency Department

2017 ◽  
Vol 52 (6) ◽  
pp. 433-437 ◽  
Author(s):  
Matthew W. McAllister ◽  
Joshua G. Chestnutt
Keyword(s):  
Emergency Department ◽  
Hospital Admission ◽  
Hospital Discharge ◽  
Life Support ◽  
Patient Survival ◽  
Cost Savings ◽  
Advanced Cardiac Life Support ◽  
Cost Avoidance ◽  
Improved Outcomes ◽  
Resuscitation Team

Purpose: The study sought to determine whether the inclusion of a pharmacist on the emergency department (ED) resuscitation team was associated with improved compliance with the Advanced Cardiac Life Support (ACLS) guidelines and patient survival. The study also evaluated cost avoidance associated with a pharmacist providing clinical services to the ED. Methods: Cardiac arrest event records were evaluated for compliance with ACLS guidelines as well as for whether or not a pharmacist was involved as a member of the resuscitation team. Pharmacists documented all interventions performed while physically present in the ED which were utilized to associate cost avoidance. Results: When a pharmacist assisted as a member of the resuscitation team, a significant increase in the percentage of medications administered in compliance with the ACLS guidelines was noted (78% vs 67%, P = .0255). An increase in survival to hospital admission (25% vs 17.8%, P = .0155) was also noted though no significant increase in survival to hospital discharge (15% vs 4.4%, P = .6392) was observed. Over a 5-month period, pharmacists in the ED performed 1200 interventions, which created US$98 362 in cost avoidance. This extrapolates to approximately US$320 000 per year in cost avoidance. Conclusion: Inclusion of a pharmacist as a member of the resuscitation team improved compliance with medications administered according to the ACLS guidelines and increased survival to hospital admission, though survival to hospital discharge was unaffected. The presence of a pharmacist in the ED was associated with approximately US$320 000 in cost avoidance per year, if not more.

scholarly journals Business model innovation and digitalization: Could ambidexterity be the solution to manage both? – A conceptual framework with propositions

2020 ◽  
Vol 1 (2) ◽  
pp. 8-25 ◽  
Author(s):  
Patrick Ulrich ◽  
Alexandra Fibitz
Keyword(s):  
Business Model ◽  
Value Creation ◽  
Business Models ◽  
Resource Scarcity ◽  
Business Model Innovation ◽  
Technology And Innovation ◽  
Current Economic Situation ◽  
Digital Disruption ◽  
High Degree ◽  
The Relationship

The current economic situation is in constant flux. Progress in technology and especially the advancement of digital transformation have influenced business endeavors. In this realm, digitalization is closely linked to a high degree of digital disruption and the development of new products, services, and business models. In this paper, we aim to investigate how enterprises simultaneously handle digitalization and business model innovation. We employ an ambidexterity perspective to gain new knowledge and get the traction that is needed to make a conceptual contribution. Thus, a theoretical framing that includes the relationship between business model innovation and digitalization and propositions congruent with our general gestalt of the inquiry will be developed. The results indicate, despite some structural and processual commonalities that digitalization and business model innovation share, the mission to manage both phenomena remains challenging. In particular, some peculiarities inherent in the ambidexterity perspective need to be taken into account. Particularly under the constraints of a high degree of resource scarcity, it is important to strive for sustainable actions that lead to increased value creation and competitive advantage. Thus, this study implements an ambidexterity perspective on the two distinct areas of technology and innovation and provide groundings for further research avenues on ambidexterity and firm performance.

scholarly journals Female Entrepreneurship: from Women’s Empowerment to Shared Value Creation

2015 ◽  
Vol 6 (2) ◽  
pp. 109 ◽  
Author(s):  
Erika Zoeller Véras
Keyword(s):  
Value Creation ◽  
Significant Contribution ◽  
Cost Savings ◽  
Women's Empowerment ◽  
Women’S Empowerment ◽  
Shared Value ◽  
Enterprise Development ◽  
Female Entrepreneurship ◽  
And Gender ◽  
Gender Strategies

This paper is an investigation on female entrepreneurship, women’s enterprise development and the opportunities to create shared value. Enterprise development can make a significant contribution to women’s empowerment and gender equality and has a key role in gender strategies. Thus, understanding these topics together has become important. Nevertheless, there is a lack of research regarding the combination of the concepts. The framework arose due the fact that, although women are making relevant advancements in entrepreneurship, yet, if compared to men, they lack access to finance, training, and rights, besides differing in terms of economic opportunities. To tackle this disparity, WEConnect International is promoting equal access and opportunity for them to compete. Large organizations tend to engage with a limited pool of vendors, which excludes qualified women-owned businesses and others, therefore missing out on cost savings and profit, and possibly on some important innovations. The initiative aims to locate women-owned businesses, certify them and introduce them to business opportunities. Going further on studies about women’s enterprise is necessary because of the rising of women in the economic scenario, as their businesses are having a growing impact on the economy and society.

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