In order to make data-driven decisions that minimize the margin erosion related to international price dynamics, biopharma manufacturers need a single, easy-to-use, end-to-end solution...
Redwood Shores, CA (PRWEB) October 02, 2012
Model N, Inc., the leader in Revenue Management solutions, today announced that a leading global specialty biopharma manufacturer has selected Model N International Reference Pricing to drive consistent global pricing strategies throughout the product life cycle. The solution delivers a global pricing database, workflows, and analytic processes to provide full visibility into the international impact of price changes in benchmarked countries.
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 of dollars in revenues. In addition, more and more governments 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 provides a single point of reliable pricing information for the customer’s Pricing and Government Affairs teams, replacing error-prone manual systems and supporting regular and ad-hoc processes for price and reference rule updates. The solution aligns the entire organization — from global headquarters to country affiliates — with consistent, comprehensive, and up-to-date pricing information while automating notifications and workflows. It also enhances key pricing decisions by providing local affiliates with both historical analytics on price evolution across regions as well as predictive analytics to assess price change related risk.
“In order to make data-driven decisions that minimize the margin erosion related to international price dynamics, biopharma manufacturers need a single, easy-to-use, end-to-end solution that ensures data integration with tight coordination across global and local teams and advanced analytics to assess different scenarios” said Ali Tore, Vice President of Analytics at Model N. “Model N International Reference Pricing gives our customers confidence that referenced price changes are being carefully monitored and anticipated to eliminate unwanted repercussions in other markets.”
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, including:
- Cloud Delivery: Achieve rapid deployment that accelerates time to value and reduces capital outlays; built on the force.com platform
- Global Pricing Database: Manage price lists, currency fx rates, volume forecasts in a single global repository
- Rule Definitions & Calculations: Manage reference pricing rules — countries, formulas, units, channel, formal/informal, etc.
- Global Price Governance: Notify affiliates of changes; trigger acknowledgement or escalation
- Reporting and Analytics: Access price change impact reports and referencing country reports, create ad-hoc reports and charts
- Launch Optimization: Identify best combinations of launch date and price in each country
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.