Global Medical Device Company Goes Live with Model N Revenue Cloud for MedTech, the Leading Cloud-Based Revenue Management System
SAN MATEO, Calif., February 14, 2019- Model N, Inc. (NYSE: MODN), the leader in cloud-based revenue management solutions today announced that it has partnered with ICU Medical (NASDAQ: ICUI)—a worldwide leader in the development, manufacture, and sale of medical devices—to modernize and combine that company’s legacy revenue systems in the cloud with Model N Revenue Cloud for MedTech.
The implementation of Model N’s revenue management solution was part of ICU Medical’s strategic worldwide initiative to consolidate their manufacturing and distribution centers and implement new quoting and sales compensation systems following the acquisition of the Hospira Infusion Systems business from Pfizer in 2017. The global revenue cloud implementation required the conversion of master data, contracts, and historical transactions and reports from three legacy systems: Hospira, ICU U.S., and ICU Canada.
“Model N’s revenue management solution is getting very positive feedback from both legacy Hospira users as well as new ICU Medical users,” said Mark Anderson, SVP Global Services at Model N. “With the tremendous growth in this industry—led by an aging population reliant on the care provided by advanced medical devices—we’re happy to be at the forefront of providing cloud solutions to ease the challenges these companies face.”
The global medical devices and technology market is projected to grow by $119 billion at 5% CAGR during 2018-2022, according to a December 2018 report. Companies like ICU Medical are seeking solutions to help them gain visibility and ensure regulatory compliance to more effectively manage and maximize their growing revenue.
About Model N: Model N (NYSE: MODN) is the leader in revenue management solutions. Driving mission-critical business processes such as configure, price and quote (CPQ), contract and rebate management, business intelligence, and regulatory compliance, Model N solutions transform the revenue lifecycle from a series of disjointed operations into a strategic end-to-end process. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical device, high-tech manufacturing, and semiconductor across more than 100 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com. Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.
About ICU Medical: ICU Medical, Inc. (Nasdaq:ICUI) develops, manufactures and sells innovative medical products used in infusion therapy and critical care applications. ICU Medical’s product portfolio includes IV smart pumps, sets, connectors, closed system transfer devices for hazardous drugs, sterile IV solutions, cardiac monitoring systems, along with pain management and safety software technology designed to help meet clinical, safety and workflow goals. ICU Medical is headquartered in San Clemente, California. More information about ICU Medical, Inc. can be found at www.icumed.com.