For the Model N life science team, the cancellation of the proposed Safe Harbor Rule change wasn’t just a regulatory decision, it meant we needed to revamp our product planning and initiatives for the year. The year we’d intended to spend producing a regulatory update pack designed to make compliance with the Safe Harbor Rule changes easier for clients in advance of the January 1, 2020 implementation date is now no longer necessary; and we’re delighted to be able to refocus our energies on the product innovations we had planned before the rule was introduced.
But even as we refocus our immediate efforts, it’s clear that the topic of price transparency isn’t going away. We may have the gift of more time for now, but we can’t ignore price transparency and its growing role in the digital transformation of the pharmaceutical industry. Even without the rush to implement the safe harbor rule on such a tight deadline, the march to price transparency is clearly on. Manufacturers need to be prepared for new pending legislation like the Prescription Drug Price Reduction Act of 2019 (PDPRA), recent initiatives like the HHS spread pricing guidance, new rules for drug reimportation and likely even more to come. In our August 7 webinar, we spoke with customers on a number of topics, including:
- The implications of the cancellation of the proposed safe harbor rule, the consequences and opportunities created by it
- The new drug reimportation changes
- Pending legislative action and the introduction of the PDPRA, its contents and implications
- A discussion on what manufacturers can do now to prepare for price transparency
Regardless of the specific regulatory changes to come, the importance of working with our customers to build in agility and cloud-based functionality is top of mind for the Model N team, as it will help our customers to not only prepare for future regulatory initiatives, but also digital transformation and leveraging analytics and automation in the next generation of Model N technologies. While the immediacy of the safe harbor rule is gone, we are anticipating a path forward on regulatory change that will be slower and more measured, but not necessarily less impactful.
The Model N life science team will be continuing the conversation going forward. We invite you to register and listen to the replay of the webinar by registering here, and to stay in touch by visiting our microsite and joining our LinkedIn group, which we hope will serve as signposts for you as we continue together on the march to price transparency.