With the final regulatory and implementation details of the DRA's wide-ranging statutory changes expected later this summer, pharmaceutical and biotechnology leaders have been revamping their organizational, systems and process infrastructure to ensure flexibility and quickly adapt and incorporate the new regulations
Redwood Shores, CA (PRWEB) July 10, 2007
Model N, Inc., the leader in Revenue Management solutions, today announced that leading pharmaceutical manufacturer Alpharma Inc. (NYSE: ALO), is deploying Model N's Life Sciences Revenue Management Suite to strengthen its government pricing and Medicaid claims processes. Alpharma will implement Model N's Government Pricing and Medicaid Claims Processing solutions as part of their regulatory compliance roadmap for implementing the forthcoming Deficit Reduction Act (DRA) final rule.
"The DRA represents the first major change to the Medicaid program in more than a decade with provisions that are far reaching and affect all aspects of our business. As an organization, we recognize the importance of compliance with regulatory guidelines, but also of working with best-in-class partners," said Keith Bernius, Vice President, CFO & Operations at Alpharma Pharmaceuticals LLC. "Alpharma chose Model N as our Revenue Management solution partner both because of their results-driven, world-class technology platform and their demonstrated commitment to understanding the complex issues in the life sciences industry."
Ensuring regulatory compliance under the DRA is a critical issue for companies in the pharmaceutical industry, and with the coming changes the opportunity to build a more flexible and adaptable infrastructure for managing regulatory compliance is becoming a top priority for leading manufacturers.
Model N's Government Pricing will enable Alpharma to more easily manage and adapt to all aspects of the government pricing process from setting up government pricing methodologies to calculating, analyzing, and filing with government agencies. Specifically, the application will ensure greater transparency and full audit trail capabilities by providing visibility into data and by tracking actions at every step in the calculation process. Seamless integration with commercial pricing and contract management processes and systems, features that are available across the Model N Revenue Management suite, will also enable Alpharma to better manage the dependencies between commercial and government pricing strategies.
For most pharmaceutical manufacturers, processing Medicaid claims is a labor-intensive process, which can lead to costly penalties for incorrect payments.
Model N's Medicaid Claims Processing solution will help Alpharma manage their Medicaid and State supplemental rebate claims in a more efficient manner, stay current on rapidly changing Medicaid and state program requirements, validate state Medicaid claims, and report on claim and payment information accurately and promptly.
"With the final regulatory and implementation details of the DRA's wide-ranging statutory changes expected later this summer, pharmaceutical and biotechnology leaders have been revamping their organizational, systems and process infrastructure to ensure flexibility and quickly adapt and incorporate the new regulations," noted Sujay Jadhav, vice president and general manager of Life Sciences at Model N. "Being able to adapt to change is now a key criterion in evaluating any solution for regulatory compliance, and Model N's uniquely integrated and flexible approach has proven to be the emerging choice of the leading companies. It is very gratifying to be able to deliver significant return on investment to our customers and we are thrilled to be working with a world-class company such as Alpharma".
Headquartered in Bridgewater, NJ, Alpharma Inc. (NYSE: ALO) is a global specialty pharmaceutical company with leadership positions in products for humans and animals. Alpharma is presently active in more than 60 countries. Alpharma has a growing branded pharmaceutical franchise in the chronic pain market with its morphine- based extended release KADIAN® product. In addition, Alpharma is among the world's leading producers of several specialty pharmaceutical-grade bulk antibiotics and is internationally recognized as a leading provider of pharmaceutical products for poultry and livestock.
About Model N
Model N is the leader in Revenue Management solutions, offering an integrated suite of applications for pricing, contracts, compliance, rebates, fees, and chargebacks optimized for the industry practices of life sciences companies, with the only integrated government pricing and Medicaid claims processing capabilities in the industry. Enabling the creation of a seamless, end-to-end process from pricing through settlements payment, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government pricing and Sarbanes-Oxley regulations. Customers include Astellas Pharma US, Inc.; Axcan Pharma; Boston Scientific; Bristol-Myers Squibb; Gilead Sciences; MedImmune, Inc.; Medtronic, Inc.; Novo Nordisk, Inc.; Ortho-Clinical Diagnostics, a Johnson & Johnson company; and Pfizer, Inc. Model N is located in Redwood Shores, California. For additional information visit http://www.modeln.com.
Model N, Inc.
Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.