Drug shortages continue to be a significant issue in the healthcare system, affecting various aspects of patient care and imposing substantial costs on hospitals and health systems. According to Vizient's 2024 drug shortages survey, U.S. hospitals are spending approximately 20 million hours annually managing these shortages, resulting in nearly $900 million in associated labor costs. The survey highlights that 74% of facilities reported exceeding their pharmacy budgets due to drug shortages, with pediatric facilities facing particularly significant financial and labor...
Drug shortages continue to be a significant issue in the healthcare system, affecting various aspects of patient care and imposing substantial costs on hospitals and health systems. According to Vizient's 2024 drug shortages survey, U.S. hospitals are spending approximately 20 million hours annually managing these shortages, resulting in nearly $900 million in associated labor costs. The survey highlights that 74% of facilities reported exceeding their pharmacy budgets due to drug shortages, with pediatric facilities facing particularly significant financial and labor strain.
Kyle Hoelting, director of pharmacy supply assurance and stewardship and Nikola Markoski, director of pharmacy sourcing strategic solutions and analytics join host Katie Korte, vice president Vizient Reserve to delve into the results of Vizient’s 2024 drug shortage survey.
Guest speakers:
Kyle Hoelting, Pharm.D, BCPS
Director, Pharmacy Supply Assurance & Stewardship
Vizient Center for Pharmacy Practice Excellence
Nikola Markoski, Pharm.D, MBA
Director, Pharmacy Sourcing Strategic Solutions & Analytics
Vizient
Host:
Katie Kortie, Pharm.D, MHA, BCPS, BCCCP
Vice President, Strategy & Program Lead, Vizient Reserve
Vizient
Show Notes:
[00:47-01:14] Kyle and Niko Backgrounds
[01:15-05:04] What's different about this year's survey and what made 2023 a critical year in the drug shortage landscape
[05:05-08:27] How data was collected, what did the mix of information tells us and the biggest insights or patterns that surfaced in the survey
[08:28-12:25] What Vizient’s built or enabled that’s made a difference in this space
[12:26-15:55] How best to prepare for and respond to shortages from an inventory perspective
Links | Resources:
- Beyond the Shortage: The Hidden Cost of Drug Supply Chain Disruptions
- Drug shortage stewardship: A novel solution for an old problem
- Vizient Key performance indicators for the management of drug shortages
- Vizient Essential Medications List
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