Redwood Shores, CA (PRWEB) June 12, 2014
Model N, Inc. (NYSE: MODN), the leading revenue management provider to the life sciences and technology industries announced today the launch of Spring ’14 release of its market-leading Global Price Management (GPM) solution. This release brings significant enhancements that will give pharmaceutical companies control and governance in the execution of pricing policies to achieve optimum price and margins throughout the product lifecycle.
Pricing strategies for patented drugs differ significantly from country to country. External reference pricing, or international price comparison, is the common instrument to control prices of pharmaceuticals. Often the algorithms used to derive reference prices vary among countries and details of the algorithms used remain unclear.
Price erosion, missed opportunities and often millions of dollars left on the table are the outcomes of failing to systematically design prices and understand the impact price changes have in a global context.
Global alignment, global price governance, cross-border collaboration and wider user adoption are critical to address price erosion, lost revenue and margins. Complex dependencies require an easy to use software-as-a-service (SaaS) solution that provides high visibility, governance and user adoption.
The Spring ’14 release of Global Price Management (GPM) solution includes best price approval and governance mechanisms and is built on the Force.com platform
The latest features are designed to drive better:
“The enhancements included in the spring release greatly improve the decision support capabilities within the Global Price Management (GPM) system, which should lead to reductions in routing time and allow insights to be captured and evaluated.” said pricing and analytics leader, Thomas Curry, at Abbvie, the global biopharmaceutical company.
Ali Tore, VP of Strategic Markets, added: “Empowering global teams to maximize a product’s margin over time is our primary goal. Because Global Price Management (GPM) follows real-life processes it boosts user adoption, giving companies a real alternative to the shortcomings of home grown solutions.”
Global Price Management (GPM) is a SaaS product available as part of the GPM Foundation and includes the International Reference Pricing module.
White Paper: Define a Global Price Management & Market Access Strategy
Gilead & Model N Webinar: Effectiveness in Global, Regional and Market pricing
Model N Global Price Management
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.
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