Life Sciences and Technology companies need to implement effective pricing strategies, consistently analyze deals, effectively manage contract sales opportunities and channel relationships, and execute timely, error-free incentive payments to avoid millions of dollars in lost revenue annually.
Historically, these companies have relied on a disjointed patchwork of manual processes, spreadsheets, point applications, and legacy systems to manage their revenue processes. These processes and systems are labor intensive, error prone, inflexible, siloed, and costly, often resulting in missed revenue opportunities and increased revenue compliance risk. Industry trends, including shortening product life cycles, tightening compliance and regulatory controls, increasing channel complexity, and growing volumes of transactional data have caused these outdated processes and legacy systems to become increasingly ineffective.
Revenue Management solves these critical business challenges by linking together and automating the complexities of developing and executing pricing, contracts, incentives, and regulatory compliance into a system of integrated applications that manage the end-to-end revenue lifecycle. Revenue Management aligns complex revenue life cycle processes for all departments involved — marketing, sales, and finance. Revenue Management also provides a comprehensive infrastructure for placing controls within revenue life cycle processes and an automatic audit trail of all actions — dramatically improving the ability of companies to manage financial risk and regulatory exposure.
Revenue Management Life Cycle
Revenue Management EnterpriseA suite of enterprise solutions that automate end-to-end revenue management processes.
Manage the entire pricing life cycle from strategy to execution, often serving as the pricing engine and system of record. Implement sophisticated pricing rules and guidelines to enforce pricing consistency across geographies and transactions, resulting in accurate, real-time pricing and improved margins.
Develop and optimize deals and contracts to maximize revenues by integrating lead and opportunity tracking, offer development, pricing, and contract compliance to drive more accurate pricing, contract terms, and performance metrics.
Improve execution of pricing and incentives strategies on contracts, capture and enforce pricing policies, and manage the entire contract life cycle from offer development to contract compliance.
Incentive and Rebate Management
Drive more effective and accurate management of a wide range of customer and channel incentives, such as health care provider rebates, managed care rebates, wholesaler chargebacks, and inventory management agreements by monitoring, processing, calculating, and approving incentive payments based on contract erms, direct and indirect sales, product utilization, customer eligibility, and other performance data.
Regulatory Compliance Management
Enforce compliance with statutory and financial regulations and their revenue recognition policies by calculating and reporting mandatory government prices such as average manufacturer price, best price, and non-federal average manufacturer price, as well as process and pay government claims for Medicaid, Tricare, and other mandated programs.
Revenue Management IntelligenceA suite of Revenue Management business intelligence solutions that enable customers to analyze revenue drivers and optimize revenue outcomes by delivering industry-specific visualizations, analyses, and actions.
Develop, analyze, and optimize price strategies by combining internal revenue management data and external market data across customers, products, geographies, and channels.
Identify and pinpoint drivers of brand performance that influence market demand to optimize sales and marketing spend at the national and regional levels, from product launch to sunset, with insights from internal and external syndicated data.
Increase the effectiveness of global distribution by aggregating and tracking channel data for accurate and timely visibility into revenue and profit trends.
Managed Markets Strategy
Analyze and optimize market strategy by determining which health care payers or insurance plans have the biggest impact on brand revenues, how formulary status influences market access across regions, and how market share is trending against competition in key markets by using syndicated data to assess performance against market strategy.
International Reference Pricing
Optimize pharmaceutical pricing and product launch decisions and satisfy regulatory reporting requirements across countries by analyzing internal and external pricing data in a timely manner and by fostering efficient and proactive global pricing collaboration.