Redwood City, CA (PRWEB) December 19, 2013
Model N (NYSE: MODN), a leading revenue management solutions provider to the life science and technology industries, today announced that a top ten biopharmaceutical company has selected Model N Global Price Management (GPM), the rebranded offering of Model N's International Reference Pricing (IRP) solution, as a foundation to drive strategic global pricing. Model N believes that its GPM solution is the only enterprise-grade, Software-as-a-Service (SaaS) offering for global price management in the life sciences. Model N GPM is purpose-built to fully automate global reference pricing processes between life sciences pricing and market access teams worldwide. In an industry where timing is everything, the solution will eliminate time consuming inefficiencies that arise during the data-to-information-to-execution stages across global pricing.
Model N GPM helps pharmaceutical, biopharmaceutical, and medical device companies that sell into multiple countries maximize revenues by reducing price erosion and comply with global pricing regulations. With recent customer go-lives and a new product release, Model N GPM is well-positioned as the emerging standard solution for life sciences companies. Pricing and market access teams leverage Model N GPM to realize better prices, execute global pricing strategies more effectively, and drive global price governance.
The decision to select Model N GPM came after the company realized its need for an end-to-end global pricing and market access system that could integrate into its existing SAP ERP system. The company realized it could no longer evaluate local country pricing and launches without projecting the impacts on referencing countries, and their overall worldwide business. Model N’s GPM solution was chosen to allow the company to better manage pricing governance, facilitate a true picture of pricing with a global pricing database, and make timely global pricing decisions alongside shifts in the market. Implementation is slated to span across a couple of quarters from kick-off to go-live.
Current approaches to global price management often include spreadsheets, homegrown solutions, or ad-hoc consulting projects. There are many disadvantages to these alternatives such as inaccurate or lagging data, slow time to value, lack of flexibility to market fluctuations, and low or no visibility into the impact of global price changes. In a recent survey*, more than half (58 percent) of pharmaceutical company respondents believe the challenges of global drug pricing are not well understood across their business, significantly hampering efforts to reduce revenue leakages and margin erosion. Further, the need to link pricing strategy with price execution is seen as the biggest challenge in implementing a successful global pricing initiative (cited by 36 percent), followed by a lack of clear, unified processes and governance (cited by 28 percent).
“Ministries of Health in European countries, with also parts of Latin America and Asia, are accentuating their pressure on drug prices and are resorting to price referencing more frequently. In this more complex, more dynamic environment pharmaceutical manufacturers need to make quick strategic pricing decisions that minimize margin erosion - this requires an easy-to-use, integrated solution that ensures data quality, global collaboration, and systematic simulation analysis,” said Ali Tore, vice president of strategic markets at Model N. “Model N GPM gives our customers the confidence that they can accurately monitor future price changes and eliminate unwanted repercussions in other markets.”
“We are excited to welcome another pharmaceutical giant to the Model N family,” said Chris Larsen, senior vice president and chief sales officer at Model N. “Industry leaders such as these are embarking on a mission to drive cohesive global pricing strategies, and we look forward to supporting them as a strategic partner.”
About Model N Global Price Management
Model N Global Price Management helps global manufacturers mitigate reference pricing risk and profitability erosion through a powerful combination of data management, software applications, and best practices, including:
About Model N
Model N is the leader in Revenue Management solutions. Model N helps its customers maximize their revenue and reduce revenue compliance risk by managing every dollar that impacts their top line encompassing contracting, pricing, incentives, and rebates. Model N leverages its deep industry expertise to support the unique business needs of Life Sciences and Technology companies in more than 50 countries. Global Customers include: Actavis, Allergan, Amgen, Atmel, Boston Scientific, Bristol-Myers Squibb, Dell, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, and STMicroelectronics. Learn more at: http://www.modeln.com. Model N is traded on the New York Stock Exchange under the symbol MODN.
Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.