FDB and PetIQ Announce Upcoming Release of Industry's First Veterinary Medications Database
Veterinary database will deliver codified, up-to-date information on pet medications, structured for integration into existing pharmacy systems
South San Francisco, CA and Eagle, ID
10/3/2018 10:01:00 AM
FDB (First Databank, Inc.), the leading provider of drug and medical device knowledge that helps healthcare professionals make precise decisions, and PetIQ, Inc. (Nasdaq: PETQ), a leading provider of services, prescriptions and OTC medications for pets to mass, club, food, drug and e-commerce channels, announced their partnership on the upcoming release of the industry’s first drug database of veterinary medications for a variety of pet species.
The veterinary database will be the only drug database to deliver codified, up-to-date information on pet medications, structured for easy integration into existing pharmacy systems and workflows to support pet medication commerce and drug dispensing. The database of pet medications will be consistent in structure with the FDB MedKnowledge™ solution which has been widely deployed and used throughout the retail, PBM, and mail order pharmacy channels for decades.
The rapidly changing supply chain for pet medications has resulted in increased competition from non-traditional sellers. Consumers now have more choice of where to buy medications for their pets, and the evolving supply chain has created opportunities for pharmacies to play a key role in prescription dispensing. According to the Federal Trade Commission, most consumers still get prescription and over-the-counter medications for pets from their veterinarians. However, the number of retail pharmacies, online pharmacies and other retail outlets dispensing veterinarian prescriptions has increased significantly over the last decade, with consumer spending on pet medications doubling during the past 12 years to $8.6 billion by the end of 2017.
“We have long felt that professionals dispensing veterinary medications would desire similar capabilities as provided by FDB for human medication information,” said Chuck Tuchinda, MD, MBA, executive vice president, Hearst Health and president, FDB. “FDB can apply our decades of experience in curating and distributing electronic information for human medications to the veterinary market, which will ultimately improve medication safety and care, while also empowering the retail channel to provide consumers with more choice on where they get their pet medications.”
PetIQ, a rapidly growing pet health and wellness company, will be the first FDB customer and an important partner, suppling the full complement of the pet medications it makes available to its customers, to support development of the database. PetIQ plans to deploy the veterinary pet medication database in support of its network of leading national retail stores in wholesale, club, grocery, pharmacy, and e-commerce channels.
“We are thrilled with our joint effort with FDB to bring such a powerful tool to support the explosive growth of veterinarian prescriptions dispensed through retail pharmacies,” said Adam Fellers, senior vice president, sales, PetIQ. “The partnership between our two companies has made this exciting project come to fruition and we are extremely excited to see the responsibility, comfort and compliance it will bring to our retail pharmacy customers.”
To learn more about the upcoming release of the veterinary medications database, contact Phil Lettrich, strategic alliances manager, FDB, firstname.lastname@example.org and Adam Fellers, senior vice president, sales, PetIQ, email@example.com.
PetIQ is a leading, rapidly growing pet health and wellness company. Through over 40,000 points of distribution across retail and e-commerce channels, PetIQ and VIP Petcare, a wholly-owned subsidiary, have a mission to make pet lives better by educating pet parents on the importance of offering regular, convenient access and affordable choices for pet preventive and wellness veterinary products and services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them. For more information, visit www.PetIQ.com.
About First Databank (FDB)
FDB is the leading provider of drug and medical device knowledge that helps healthcare professionals make precise decisions. With thousands of customers worldwide, FDB enables our information system developer partners to deliver valuable, useful, and differentiated solutions. We offer more than three decades of experience in transforming medical knowledge into actionable, targeted, and effective solutions that help improve patient safety, operational efficiency, and healthcare outcomes. For a complete look at our solutions and services, please visit www.fdbhealth.com or follow us on Twitter and LinkedIn.
About Hearst Health
The Hearst Health network includes FDB (First Databank), Zynx Health, MCG, Homecare Homebase, MedHOK, Hearst Health Ventures and the Hearst Health Innovation Lab (www.hearsthealth.com). Hearst also holds a minority interest in the precision medicine and oncology analytics company M2Gen. The mission of Hearst Health is to help guide the most important care moments by delivering vital information into the hands of everyone who touches a person’s health journey. Each year in the U.S., care guidance from Hearst Health reaches 85 percent of discharged patients, 205 million insured individuals, 70 million home health visits and 3.2 billion dispensed prescriptions.
First Databank (FDB)
©2018 First Databank, Inc. Part of the Hearst Health network. All trademarks mentioned herein are the properties of their respective owners.