Redwood Shores, CA (PRWEB) July 15, 2014
Model N, Inc. (NYSE: MODN), the leading revenue management solutions provider to the life science and technology industries, and Ranbaxy Pharmaceuticals Inc. of Jacksonville, Florida announced today that Ranbaxy has selected Model N’s revenue management suite to improve financial controls and gain a more unified global view of its revenue lifecycle. Ranbaxy will be replacing its existing legacy point solutions with Model N’s global end-to-end solution to support their strategic direction as the company responds to tremendous consumer demand for its affordable generic medications.
“For Ranbaxy, we recognized a clear need for a global, end-to-end system that provides more clarity into our revenue management processes, driving improved financial control and business value,” said Valan Joseph, vice president of IT at Ranbaxy Inc. “Model N’s proven technology supports the needs that are specific to our generic pharmaceutical business and will enable us to respond to changing industry regulations quickly and effectively, all with the ability to manage these processes across our global infrastructure.”
Growing Industry Demand of Platforms for Global Growth
Generics manufacturers have achieved remarkable success in getting affordable medicines to patients. Global and competitive pressures such as rapidly-growing emerging markets, product mix diversification, and new products with barriers to entry (e.g. biosimilars) have not made this an easy feat. As companies continue to scale, industry demand for business platforms that can support global growth is accelerating.
One of the top challenges faced by manufacturers is finding the balance between growing market share without succumbing to severe industry price erosion. According to the U.S. Food and Drug Administration, generic drugs usually cost a fraction of the price of brand-name drugs, as much as 80 to 85 percent less. Competition in the generics market is driven by the patent expiration of branded drugs which triggers a race to bring out generics to the market quickly at the most competitive price. Besides the pressure from insurers, managed care organizations and government entities are pushing hard to control healthcare costs. Manufacturers need a revenue management platform that supports frequent contract and pricing updates, multifaceted and varied discounts, as well as complex incentive-based deal structures. Model N has built its products with this knowledge, supporting its customers through these industry challenges.
Model N Revenue Management Leads Adoption in the Market
Model N’s deep expertise in life sciences includes a number of existing customers in the generics industry, including Par Pharm, Actavis, Teva, Lupin, and Endo. After 15 years of working with the most well-known names in the space, Model N leads adoption in the market this year with seven out of the top 10 investments by the life sciences industry in revenue management solutions. A key factor in Ranbaxy’s decision was Model N’s proven experience in replacing legacy systems with its integrated revenue management platform. Model N’s methodology provides a safe passage for customers by incorporating data mapping, migration and conversion tools, solutions to address critical gaps in legacy applications, and expert knowledge gleaned from past customer conversions.
“We continue to see the trend of adopting an industry standard end-to-end revenue management solution as the cornerstone of a successful revenue growth strategy in the life sciences industry,” said Model N CEO, Zack Rinat. “Ranbaxy joins a long list of customers who have chosen to convert from inadequate legacy solutions to Model N, and we are delighted with their decision as we will provide them with the competitive advantage they are looking for.”
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 a 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.
About Ranbaxy Pharmaceuticals Inc.
Ranbaxy Pharmaceuticals Inc. (RPI), based in Jacksonville, Florida is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.