|By PR Newswire||
|March 4, 2014 10:35 AM EST||
LAWRENCEVILLE, N.J., March 4, 2014 /PRNewswire-USNewswire/ -- The United Nations Standard Products and Services Code® (UNSPSC®), managed by GS1 US, now includes an enhanced global product classification system for active pharmaceutical drugs worldwide. The code set, designed to help healthcare procurement and finance professionals achieve spend analysis visibility, offers more than 9,300 updates to its latest version.
"The drug classification codes complement the more than 55,000 product classification codes across multiple industries that are available in the UNSPSC system," said Michael Pheney, vice president of healthcare, GS1 US. "Classifying products and services in a standardized format can provide the visibility that procurement professionals need to make informed purchasing decisions leading to better asset and supply management."
The pharmaceutical code set, available to hospitals, pharmacies, manufacturers, distributors and group purchasing organizations, was developed by an industry committee representing over 20 organizations from across the healthcare industry. The committee gathered information on all drugs currently on the market according to more than 25 regulatory and industry formularies, including U.S. Food and Drug Administration Unique Ingredient Identifiers, U.S. National Institutes of Health Compound Identifiers, European Medicines Agency eXtended EudraVigilance Medicinal Product Dictionary (XEMPD), the World Health Organization International Nonproprietary Names (WHO INN), the Anatomical Therapeutic Chemical Classification (ATC), U.S. Veterans Administration, and the U.S. International Trade Commission Harmonized Tariff System (HTS).
A comprehensive listing of current drug compounds was derived and classified with detailed definitions as well as name, chemical formula for the compound and references to source formularies. Additional enhancements to the code set will be released later this year to include Medical Equipment and Accessories and Supplies.
UNSPSC is a member-funded and member-supported initiative. To gain additional benefits, including access to past versions of the code and the opportunity to shape the code's future to best meet business needs, users are encouraged to join the UNSPSC. The current multi-industry UNSPSC code set is available free of charge.
The United Nations Standard Products and Services Code® (UNSPSC®), managed by GS1 US for the UN Development Programme (UNDP), is an open, global, multi-sector standard for efficient, accurate classification of products and services. UNSPSC is a flexible classification system for achieving spend analysis visibility, as well as, enabling procurement to deliver on cost-effectiveness demands. It includes a five-level hierarchical classification code set and enables expenditure analysis at grouping levels so that users can drill down or up to the code set to see more or less detail as is necessary for business analysis.
About GS1 US
GS1 US, a member of GS1, is an information standards organization that brings industry communities together to solve supply-chain problems through the adoption and implementation of GS1 Standards. More than 300,000 businesses in 25 industries rely on GS1 US for trading-partner collaboration and for maximizing the cost effectiveness, speed, visibility, security and sustainability of their business processes. They achieve these benefits through solutions based on GS1 global unique numbering and identification systems, barcodes, Electronic Product Code-based RFID, data synchronization, and electronic information exchange. GS1 US also manages the United Nations Standard Products and Services Code (UNSPSC). www.GS1US.org
SOURCE GS1 US
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