Examining the Convergence of Pharma, MedTech, and Software: Part 3
Maximize Revenue with Global Tender Management
By Voytech Sudol, Director Product Marketing Life Sciences
This is the third and final part of our blog series on Global Tender Management (GTM). For a quick overview on the industry, find part one here, and to learn about the challenges typical of a tender, find part two here.
In concert with the growing specialized needs of the population and advances in technology, businesses face a number of challenges in the tendering process. Many software solutions lack the crucial features of a true tender solution and instead neglect the ability to proactively create winning strategies, provide clear workflows from inception to fulfillment, and include insights into past performance.
In fact, the example provided by AMGROS should be an indication of why tendering excellence should be on top of the list for life science market access professionals. This Scandinavian organization manages tenders on behalf of regional payers and helped the Danish government save nearly $444 million in 2016 with expectations to cut another $240 million by 2020. AMGROS also boasts the reduction of infusion pump prices by 68%.
Model N’s Global Tender Management (GTM) software is designed to help in all four key areas of the tendering process, aimed to help businesses increase revenue, improve margins, reduce risk, and optimize its lifetime value. With this solution, teams are able to effectively plan and prioritize around the most critical of identified bid prospects.
Having capabilities to simulate a variety of scenarios based on multiple criteria beyond pricing enhances the likelihood of arriving on the most profitable tender offer. This feature, included in GTM, allows for structuring and shaping the bids that reflect criteria based on pre-simulated MEAT and competitive data, while further enhancing global visibility.
To mitigate the risk of non-compliance and disqualification or future penalties, GTM improves execution by becoming the centralized documentation source. Companies experience improved collaboration and the ability to continuously build internal best practices with this central repository.
Additionally, companies can track and analyze previously won tenders as well as gain competitive information in order to improve future submissions. Proper tracking allows users to proactively plan future submissions, along with analysis within the context of a business’s own product to increase winning chances.
At its core, GTM maximizes revenue by optimizing bids and streamlining governance, while providing competitive and account insights. While tenders can be difficult to navigate, companies no longer have to approach them blindly.