REDWOOD SHORES, CA –
LONDON, UK – HYDERABAD, India (PRWEB) October 16, 2012 -- Model N, Inc., the leader in Revenue Management solutions, has announced the general availability of its International Reference Pricing (IRP) solution to pharmaceutical manufacturers operating globally.
This application addresses one of the massive market challenges for the global Life Sciences market and delivers significant gross margin benefits.
To contain growing healthcare expenditures related to drug costs, a rising number of governments seek to control prices with international reference pricing programs. These programs officially set a drug’s national or regional price based on price benchmarks in other countries. Failing to coordinate price setting at launch and subsequent price changes can result in missed opportunities amounting to tens of millions in revenue. In addition, more and more governments across the globe require that manufacturers proactively report reference prices. Failure to comply in an accurate and timely fashion often puts manufacturers in a weak negotiating position with governments.
Model N International Reference Pricing delivers significant business and operational benefits to pharmaceutical manufacturers by:
● Supporting data-driven pricing decisions from pre-launch to launch to growth to maturity, by providing global and local teams with full visibility into risks and opportunities associated with future price dynamics
● Helping government affairs teams remain compliant in mandatory governmental price reporting while ensuring Ministries of Health are correctly applying reference rules
● Connecting market access, pricing, and government affairs teams around the world in real time, fostering efficient collaboration and effective decision-making
● Increasing pricing data transparency across the entire organization, enabling more accurate financial planning
"Top pharmaceutical executives are clear that the new economic reality requires rapid decision-making with integrated collaboration and controls across regions to deal effectively with the needs of International Reference Pricing compliance. Departmental and spreadsheet-based solutions are inadequate. The solution has to be global, unified, real time, and highly collaborative," said Lawrence Whittle, Chief Sales and Marketing Officer, Model N, Inc. “Over the past year, we have worked closely with our pharmaceutical partners to create a robust IRP solution that meets or exceeds these requirements and look forward to helping industry leaders overcome their reference pricing challenges and combat global price erosion.”
About Model N International Reference Pricing
Model N International Reference Pricing helps global manufacturers mitigate reference pricing risk and profitability erosion through a powerful combination of data management, software applications, and best practices. Capabilities include:
● Single global repository
● Global price governance and collaboration
● End-to-end solution with data integration, configurations, workflows, analytics, reporting
● Designed for rapid deployment and time to value of under three months
● Web-based user interface designed for functional users
● Subscription-based solution that eliminates the need for complex capital acquisition processes or budgets
Model N International Reference Pricing
About Model N
Model N, the leader in Revenue Management solutions, drives improved pricing, margin, and revenue performance through a powerful combination of best practices, highly configurable software applications, comprehensive services, and actionable analytics across the complete functional spectrum of pricing, contracting, rebating, sales, and marketing. Model N leverages its deep industry expertise to support the unique business needs of Life Sciences and High Tech manufacturers across more than 50 countries. Global Customers include: Allergan, Amgen, Atmel, Boston Scientific, Bristol-Myers Squibb, Dell, Hospira, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, STMicroelectronics, and Watson Pharmaceuticals. Whether you are an emerging business or a global leader, Model N results in revenue. http://www.modeln.com
Model N is a trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.