Solvay Pharmaceuticals to Deploy Model N's Revenue Management Solution
Leading Pharmaceutical Manufacturer Selects Model N to Drive Compliance and Enhance Regulatory Processes and Infrastructure
Redwood Shores, CA (PRWEB) August 22, 2007 -- Model N, Inc., the leader in Revenue Management solutions, today announced that leading pharmaceutical manufacturer Solvay Pharmaceuticals, Inc. has selected Model N's Life Sciences Revenue Management suite for government pricing, Federal Supply Schedule (FSS) contracting and Medicaid claims processes in response to the Deficit Reduction Act (DRA) implementation and other complex drug pricing regulations. Model N's Government Pricing, Medicaid Claims Processing and FSS Compliance solutions will allow Solvay Pharmaceuticals to easily manage all aspects of these processes.
"Since Model N fully integrates Government Pricing with Medicaid Claims processing, it gives us the flexibility to implement processes and solutions to address the DRA compliance and other government regulations," said Murray Kay, Vice President of Finance for Solvay Pharmaceuticals. "This allows us to build on our existing solid infrastructure and continue to meet the financial and regulatory needs within our industry."
"Managing compliance and revenue risk under the Sarbanes Oxley Act and DRA are critical issues for companies in the life science industry. With the impending DRA ruling expected later this summer, pharmaceutical manufacturers are faced with the unprecedented challenge of managing accelerating competition combined with increasing regulatory scrutiny," said Sujay Jadhav, Vice President and General Manager of Model N Life Sciences. "It is very gratifying to be able to deliver significant return on investment to our customers and we are delighted to be working with a world-class company such as Solvay Pharmaceuticals".
About Solvay Pharmaceuticals, Inc.
Solvay Pharmaceuticals, Inc., of Marietta, Georgia is the U.S. subsidiary of Solvay Pharmaceuticals. For more information, visit www.solvaypharmaceuticals-us.com.
Solvay Pharmaceuticals is a research driven group of companies that constitute the global pharmaceutical business of the Solvay Group. The company seeks to fulfill carefully selected, unmet medical needs in the therapeutic areas of neuroscience, cardio-metabolic, influenza vaccines, gastroenterology, and men's and women's health. Its 2006 sales were EUR 2.6 billion and it employs approximately 10,000 people worldwide. For more information, visit www.solvaypharmaceuticals.com.
Solvay is an international chemical and pharmaceutical Group with headquarters in Brussels. It employs some 30,000 people in 50 countries. In 2006 its consolidated sales amounted to EUR 9.4 billion, generated by its three activity sectors: Chemicals, Plastics and Pharmaceuticals. Solvay (Euronext: SOLB.BE - Bloomberg: SOLB.BB - Reuters: SOLBt.BR) is listed on the Euronext stock exchange in Brussels. Details are available at www.solvay.com.
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 Corporation; Bristol-Myers Squibb Company; Gilead Sciences, Inc.; 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 www.modeln.com
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