Compelling findings on Pricing, Launch, Market Access from Life Science executives across 13 countries
REDWOOD CITY, Calif. – October 1, 2015 – Model N, Inc. (NYSE: MODN), the leading provider of cloud-based Revenue Management solutions to life science, technology and manufacturing companies, announced today the results from its annual global pricing survey involving 59 executives from 30 companies in 13 countries.
The world’s top life science companies shared insights on their current global pricing business processes, internal and external challenges and quality of existing software tools. The 2015 Global Price Management benchmarking survey highlighted a shift from prior study results in the areas of global collaboration, decision analytics and value-based pricing.
“The insights of this survey offer a unique opportunity to benchmark our global pricing capabilities against the industry and to identify strategy for improvements,” says Martina Jerabkova, Global Pricing Manager at Ferring. “In the current complex and competitive environment, it is vital for pharmaceutical companies to organize themselves in developing capabilities and best practices to optimize pricing and revenues.”
Some of the key findings include:
- Large pharmaceutical manufacturers have achieved higher automation levels of Pricing but challenges continue with collaboration and analytics
- Over 65% of pharmaceutical manufacturers will continue to invest in analytics (compared to the 50% observed in the prior study)
- There is an increasing trend (~ 15%) on the need for Value-Based agreements requiring improvement in 4 key areas: Innovative Pricing, Segmentation, Gross-to-Net and Health Outcome Analysis
The five key success factors to achieve global pricing excellence:
- Global Organizational Strategy across regions, countries, and function.
- Adoption of sophisticated tools which are adaptable to market for planning, reporting and decision making.
- Access to trusted and reliable information in a centralized location.
- Understanding of competitor’s strength and past behaviors in markets.
- Define clear roles and responsibilities with Processes and Governance focusing on pricing policy and out of policy protocols.
“Model N is committed to provide our customers with insights to drive their global revenue management strategies and global price management in particular” says Shail Khiyara, Senior Vice President and Chief Marketing Officer at Model N. “We are excited with the adoption of Revvy Global Price Management by 9 of the top 20 pharmaceutical companies, and we are committed to support our customers to enable them to take the next step in their global pricing strategy.”
For a full analysis of the survey – Click here.
Join Model N and HighPoint Solutions in Barcelona, Spain for the Commercial and Pricing Innovation Forum to participate in sessions and discussions focused on key strategic and operational innovations to unlock value along major stages of the product life cycle. For forum agenda and registration – Click here.
About HighPoint Solutions
HighPoint Solutions has a dedicated Pricing, Contracting & Market Access management practice with extensive industry and technology expertise that brings a proven framework for the entire contract lifecycle. Our PCMA practice has the experts who have creatively and consistently developed more effective and efficient contracting organizations within the industry from both strategic and operational perspectives. Our experts have developed the Strategic Tactical Administrative Remittance (STAR)SM framework for pricing, contracting and market access to address industry issues and create value-added offerings. www.highpoint-solutions.com
About Model N
Model N is a leader in Revenue Management Cloud solutions for life science, technology and manufacturing companies. Driving mission critical business processes such as configure, price and quote (CPQ), rebates and regulatory compliance, Model N Cloud 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 unique business needs of the worlds leading brands in life science, technology and manufacturing across more than 100 countries. Model N is a trusted partner to some of the world’s largest brands, including Johnson & Johnson, AstraZeneca, Boston Scientific, Novartis, Ortho Clinical Diagnostics, Atmel, Fairchild and Marvell. Model N trades on the New York Stock Exchange under the symbol MODN.
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.
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