Over the last five years, there’s been a sharp increase in the amount of proposed and enacted state-level legislation concerning visibility into drug pricing. While designed to help control pharmaceutical spend and increase clarity into the rationale for price increases, price transparency rules differ greatly from state to state, creating administrative challenges for pharmaceutical manufacturers.
As part of our newest release, Model N State Price Transparency Management – the first-ever SaaS product built specifically to assist pharmaceutical and biotech firms with meeting the unique reporting requirements of this vast set of regulations – is now available.
Through visibility and automation, State Price Transparency Management helps customers manage compliance with reporting rules, formats, and timelines, while simultaneously facilitating complete traceability and standardization. Key features include:
- Governance capabilities for simplified evidence collection and on-demand access of previously created reports
- Legislation repository that stores the latest legislative rules and enables quick updates if rules change or new ones are enacted
- Report templates to address unique reporting needs, including data fields, rules, and formats
- On-demand report generation to ensure compliance with state-specific triggering events – such as wholesale acquisition cost (WAC) price increases, new drug applications, and annual price lists – and timelines are always met
- What-if analysis to determine potential downstream impact of future pricing or product events
State Price Transparency Management integrates with Model N Revenue Cloud and other systems, providing easy access to pricing, product, and other required data. Additionally, approval workflows and scheduled report calendars streamlines cross-departmental visibility and collaboration.
Learn more Learn how Model N’s latest innovative solution helps pharmaceutical manufacturers achieve compliance with all state price transparency regulations, click here.
