As a leader in revenue optimization and compliance across life sciences and high-tech industries, we are always looking for opportunities to make our customers more efficient, compliant, and profitable. With each product release, we seek to deliver innovation and more value while addressing customers’ sticking points in their revenue management journey. This fall 2022 release offers an abundance of tools to set our customers for long-term success, and we’re excited to share some of the highlights with you.
What’s in store for life sciences
Life sciences manufacturers are challenged by constantly evolving regulatory and market changes and striving to achieve their business objectives. Our life-sciences release enables pharmaceutical and medtech manufacturers to achieve their compliance and strategic priorities with updates that align to product lifecycle, market, and business demands while addressing key concerns around loss of exclusivity, diminished deal profitability, and inefficient pricing integration with legacy order- management systems. The release delivers key updates across the pharmaceutical and medtech landscape to ensure our customers are up to date on the latest regulatory, data, and market shifts. We targeted profitability protection and provided ways to stay compliant with contractual and regulatory terms.
Beyond enabling our customers with tools to successfully conduct their business, we are also providing transparency into the direct benefits they are receiving by leveraging Revenue Cloud application.
Let’s take a deep dive into some of the innovations to the current product portfolio:
- Support for loss of exclusivity of pharmaceutical products: Key updates to the Global Pricing Management solution help pharma manufacturers better predict the revenue and pricing impacts of expiring patents.
- Deal profitability visualization: Improvements to Global Tender Management feature the ability to view graphical representations of deal profitability to give manufacturers a more effective way to frame deals.
- Industry standard formats: Updates to Validata and Payer Management modules ensure manufacturers can receive, load, and process the latest formats for payer prescription, Medicare coverage gap, and medical benefit data.
- Support for accurate Medicaid rebate calculations for line extensions: This feature ensures all required data is captured and communicated to users, allowing them to properly calculate the unit rebate amount (URA) for pharmaceutical line extensions.
- Improved contract pricing communication with distributors and order-management systems: This innovation ensures contract pricing is calculated and communicated per defined business rules and bills of materials to internal order-management systems and distribution partners.
- Visualization of KPIs in Customer Value Dashboard: Get a detailed view of savings trends, including savings directly from chargebacks and the downstream savings realized by rebates and fees that utilize chargebacks to calculate rebates and fees. All off this information is provided in a comprehensive dashboard.
Benefits to life science companies
With these enhancements, pharmaceutical and medtech organizations can better:
- Manage the global pharmaceutical product lifecycle: Enable manufacturers to better understand the revenue and price impacts when a pharmaceutical product loses exclusivity in the market.
- Visualize tender profitability: View the profitability of a deal with improved graphics and visualizations.
- Align with latest data standards: Ensure end-to-end pharmaceutical prescriber data standards to ensure consistent data loading and processing.
- Tighter alignment to Order Management Systems and Suppliers: Support complex bill-of-materials and contract-pricing scenarios to ensure accurate invoicing.
- Ensure sales through the indirect channel are priced accurately. Additionally, make sure sales are reconciled with enhanced pricing communication to distribution partners.
- Increase automation and alignment to government regulations: Increased automation to support line extension scenarios for the Medicaid Drug Rebate program.
New advances for high-tech customers to enjoy
Fast response to market changes and the delivery of volumes of specific SKUs at competitive prices requires high-tech companies to view transaction and partner data in real-time to track performance and adjust strategy. This also helps predict demand that enables you to outline future investment opportunities. Without this visibility and ability to update prices automatically, companies may fall one step behind the market. Innovations to the Model N Revenue Cloud for high-tech customers are centered around enabling them effectively respond to market changes and to adjust strategic objectives on the fly.
One of the exciting new solutions in the release is around improvements to the Mass Price Change solution. Now high-tech companies can quickly change and execute price updates in mass batches. In today’s uncertain market environment, high-tech customers must be able to adjust all prices – whether increasing or cutting them – simultaneously. We deliver this essential capability as a managed service, which relieves customers from hosting or maintaining the underlying infrastructure. .
Benefits to high-tech firms
The improved Mass Price Change solution lets you:
- Identify which deals are impacted by a price change using flexible search criteria across customers, catalogs, distributors, quotes, and debits
- Set future expirations on existing deals and generate new deals that will begin in the future, giving the ecosystem sufficient time to adapt to the pricing changes
- Perform upfront checks and balances to minimize the risk of fallout during execution
- Price new deals to ensure accurate linkage of contracts, market price programs, or registration & opportunity, which control pricing outcome
- Auto-submit new deals to workflow, making the entire process touchless
- Configure different workflows for approving new deals generated in bulk, allowing for auto-approval of new deals if desired
- Track changes on existing quotes and when generating new quotes to ensure SOC compliance
Across the channel, benefits include:
- Optimized incentive management performance at higher data volumes
- Delivers up to a 25% improvement in rebate calculation performance when calculating at higher data volumes, as well as reduced cycle times with greater accuracy and enhanced integrated rebate workflow across the portfolio.
- Enhanced self-service Channel Data Management
- Improvements deliver added ease of use and flexibility to support the growing demand for self-service channel data automation, allowing customers to manage more data and reconcile independently.
A commitment to our customers
All these improvements and enhancements are driven by shifts we see in the market, customer and product requests, and our own internal continual improvement processes.
With these announcements, Model N displays its commitment to the ever-evolving life sciences and high-tech verticals with updates to support key business and regulatory trends and standards, displaying our ability to ensure our customers across the world can continue to depend on Model N to meet their compliance and strategic goals.