This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Medication Errors From Injectable Drugs Harm One Million Inpatients Each Year Adding Billions In Cost, New Study Finds

FRANKLIN LAKES, N.J., Dec. 10, 2012 /PRNewswire/ -- A new study, published online today by the peer-reviewed journal American Health & Drug Benefits , reveals the significant national burden that harmful medication errors, also called preventable adverse drug events (ADEs), associated with injectable medications have on hospitals, patients, and our healthcare system. Results show that preventable ADEs associated with injectable medications cost an average of $600,000 per hospital annually and impact more than 1 million patient hospitalizations each year.

Never before has a study looked specifically at ADEs from injectable medication errors and analyzed the related economic impact on patient hospitalization, cost per hospital, and overall cost to the healthcare industry. Major findings include:

  • Preventable ADEs associated with injectable medications impact more than 1 million hospitalizations each year.
  • Preventable ADEs due to injectable medications cause $2.7 billion to $5.1 billion in annual costs to U.S. healthcare payers. Those costs average $600,000 per hospital each year.
  • The medical professional liability (MPL) cost for inpatient ADEs from injectable medication reaches an industry-wide $300 million to $610 million annually. The MPL costs an average of $72,000 per hospital each year.

"Our study highlights an unnecessary source of wasted healthcare resources and poor outcomes — injectable medication errors that cause harm to patients being treated in a hospital," said study author Betsy Lahue, MPH, Vice President, Health Economics and Outcomes Research, BD. "BD has long been a leader in safe drug delivery practices. New solutions to improve injectable medication processes are needed to minimize the burden on payers and reduce the risk for both the patient and the healthcare setting."

Commissioned by BD (Becton, Dickinson and Company) (NYSE: BDX) in partnership with Milliman Inc., the study was compiled from databases that contained information on medication error, inpatient medication use, and medical costs. The study applied the findings of the U.S. Department of Health and Human Services study on adverse events, and it used MPL databases and insurance rate information.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs