With Model N, global manufacturers have confidence that referenced price changes are being carefully monitored to eliminate unwanted repercussions in other markets.
Redwood Shores, CA (PRWEB) May 23, 2012
Model N, Inc., the leader in Life Sciences Revenue Management, today announced that a leading global biopharma manufacturer has successfully rolled out Model N International Reference Pricing across 61 countries to mitigate global price erosion from government price controls.
To contain growing health care expenditures, many governments with price control mandates utilize international reference pricing (IRP), which establishes a product’s price by benchmarking its price across select countries. Failing to coordinate price changes or product launches globally can leave manufacturers in a weak negotiating position with governments, resulting in significant price erosion. In addition, failure to report referenced prices changes can result in hefty fines.
Replacing error-prone manual processes, Model N International Reference Pricing was the customer’s highest priority requirement in an extensive global reporting and analytics program. The automated, cloud-based application monitors price lists from every international affiliate and triggers notifications and workflows when an affiliate needs a referenced price change reviewed or escalated. A calendar feature allows manufacturers to forecast and plan future referenced price changes to help mitigate their impact.
“In order to anticipate upcoming price cuts and report correct prices, biopharma manufacturers need full pricing visibility and tight coordination across global, regional, and national government affairs and pricing teams,” said Sujay Jadhav, SVP Corporate Strategy at Model N. “With Model N International Reference Pricing, global manufacturers have confidence that referenced price changes are being carefully monitored 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 recapture lost revenue through a powerful combination of data management, software applications, and best practices. Features include:
- Cloud Delivery: Enables a 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, referencing country reports; create ad-hoc reports and charts
- Launch Optimization: Identify best combinations of launch date and price per country in a select time horizon
Social Media Links
Follow Model N on Twitter
Follow Model N on LinkedIn
LinkedIn European Life Sciences Price and Profit Optimization Forum
About Model N
With over $150B in annual revenues across 50 countries managed in our Revenue Management systems, Model N leverages its deep industry expertise and best practices, highly configurable applications and comprehensive services to support Life Sciences and High Tech organizations on premise or in the cloud. Customers include: Amgen; Atmel Corp.; Boston Scientific Corp.; Bristol-Myers Squibb Company; Cypress Semiconductor; Dell; Hospira; Merck; Microchip Technology Inc.; Nokia; Novo Nordisk; Ortho-Clinical Diagnostics, a Johnson & Johnson company; Pfizer, Inc.; and STMicroelectronics. Whether you are an emerging business or a global leader, Model N results in revenue. http://www.modeln.com
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.