Specialty Pharmaceuticals Leader Selects Model N Regulatory Applications Suite to Improve Government Pricing and Tricare Reporting Processes
Another Specialty Pharma Customer Win Highlights Model N’s Status as the Preferred Revenue Management Partner for all Segments of the Pharmaceutical Industry
REDWOOD SHORES, California– January 27, 2010 – Model N, Inc., the leader in Revenue Management solutions, today announced that another leading specialty pharmaceuticals manufacturer leader has selected Model N’s Pharmaceutical Regulatory Revenue Management solutions to manage regulatory compliance across its U.S. operations. The selection comes after an evaluation by the customer of competitive offerings, including products from its legacy software vendors.
“We are seeing a significant increase in the number of companies that are enhancing their Revenue Management infrastructure, particularly with the recent upswing of mergers and acquisition in the pharmaceutical industry. New Revenue Management systems are becoming key components of integration initiatives to unify pricing, contracting, and regulatory processes across product lines and businesses,” said Stephen Zocchi, Chief Sales Officer for Model N. “These companies are preparing to make major changes in business strategy, and do not want to be hamstrung by the limitations of legacy systems. Its gratifying to see that so many companies are bringing in Model N instead of trying to upgrade their legacy systems and are realizing the benefits of moving forward with the leading integrated platform that has been the choice in all open top-ten pharma evaluations over the last two years.”
Leveraging Revenue Management for Business Change
After a recent acquisition, the customer combined its integration efforts with an initiative to strengthen its regulatory compliance capabilities and replace any manual, spreadsheet-based processes with an automated, integrated system that seamlessly integrates with their SAP ERP system. The implementation, which will unify regulatory reporting processes for both existing and acquired product lines, is scheduled to be in production within six months. Implementation highlights include:
- Model N’s Government Pricing solution, which will bring enhanced consistency and auditability to the customer’s government reporting processes. In addition, recently announced Pharmaceutical Suite Release 5.4 enhanced the solution’s UI-based price-type builder to allow business users to directly add data sources, define their own smoothing methodology, change formulas, and display intermediate calculation results.
- Seamless integration with the customer’s SAP ERP solution through Model N’s ReadyGo connectors for SAP, which will accelerate time to value by providing a comprehensive integration mechanism with out of-the-box support for multiple data channels, mapping and support for multiple IDs, data validation, monitoring, and recovery capabilities.
The Revenue Management Standard
Model N entered the pharma marketplace in 2004, introducing the concept of an integrated commercial and regulatory suite of Revenue Management applications based on open, standard Web interfaces and SOA technologies that has become the model for the industry. Proven in deployments across the pharmaceutical industry, from global top-ten leaders to high volume generics manufacturers to specialty pharma innovators, Model N is the only company to offer a full suite of commercial contracting and regulatory applications that are all in production. Model N has continued to advance that standard with releases of leading analytics, Tricare, and regulatory applications for managing complex discount reallocation requirements driven by the DRA.
About Model N
Model N is the leader in Revenue Management solutions, offering an integrated suite of applications for analytics, price management, contracts, compliance, rebates, fees, and chargebacks optimized for the industry practices of Life Science companies. Enabling the creation of a seamless, end-to-end process from price setting through settlements payment, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government reporting regulations such as Sarbanes-Oxley and government pricing requirements. Customers include: Boston Scientific Corporation; Bristol-Myers Squibb Company; Medtronic, Inc.; Ortho-Clinical Diagnostics, a Johnson & Johnson company; and Pfizer, Inc. Model N is located in Redwood Shores, California. For additional information, visit www.modeln.com.
Media Contact:
Sean Cassidy
Model N, Inc.
Tel: 650-610-4820
scassidy@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.
