Specialty pharmaceutical leader continues to drive efforts to help support growth as revenues surpass $1 billion with recent acquisition
REDWOOD SHORES, CA – May 13, 2014 – Model N, Inc. (NYSE: MODN), the leading Revenue Management solutions provider to the life science and technology industries, and Salix Pharmaceuticals (NASDAQ: SLXP), a leading specialty pharmaceutical manufacturer, today announced that Salix is live on the latest release of Model N’s Revenue Management suite. With the recent acquisition of Santarus, Inc. (NASDAQ: SNTS), Salix continues to expand their product pipeline and diversify revenues.
“For Salix, Model N has been a strategic choice, allowing us to streamline our processes by delivering update packs as soon as the market evolves,” said John Temperato, Senior Vice President of Managed Markets, Salix Pharmaceuticals. “Complying with rapidly changing pricing and reporting requirements is no easy feat, but Model N has helped keep us focused on government and commercial pricing challenges for the last seven years.”
“Model N’s products allowed us to streamline our government pricing calculation and reporting processes,” said Marty Myers, Associate Director of government contracts at Salix Pharmaceuticals. “Model N’s Revenue Management update packs allow us to remain up to date with the latest pricing regulations and enables us to respond quickly and effectively to market activity.”
Salix is one of the fast rising leaders in the industry and a long-standing customer of Model N. With 7x revenue growth over the past five years through organic growth and acquisitions, Salix has seamlessly scaled its internal revenue management. Model N’s Revenue Management suite has been Salix’s exclusive platform for helping to mitigate the contract and revenue challenges inherent to the pharmaceutical industry.
Developments in Health Care Reform such as the new AMP definitions, Managed Medicaid changes, Medicaid Rebate increases, Medicare Coverage Gap Rebates, as well as additional government changes like Tricare Rebate processing and the Sunshine Act all pose uniquely difficult challenges for manufacturers. Current approaches to major government initiatives are often reactive, comprised of solutions that are ill-equipped to support perpetual changes.
In 2007, Salix recognized the differentiation between Model N and other competitive offerings in their search for a revenue management system. For Salix, implementing Model N has been a significant win, as the company was able to aggressively develop its pipeline and revenues while:
- Reducing dependency on manual processes and non-integrated point solutions
- Aligning pricing and contracting strategies
- Satisfying rapidly evolving government pricing regulations
“Model N and Salix have formed a strong, lasting partnership,” said Model N CEO, Zack Rinat. “By investing in the processes and tools purpose-built to support the pharmaceutical industry’s needs, Salix knows that Model N has their back as government requirements and commercial pressures in the pharmaceutical industry change. It has been an honor helping this great company as it grows.”
“Salix provides a powerful blueprint for companies looking to achieve a long term competitive advantage with their revenue strategy,” explains Model N Director, Jesse Mendelsohn.
- Model N Regulatory Solutions for the Life Sciences
- Model N Revenue Management
About Model N
Model N is the leader in Revenue Management solutions. Model N helps its customers maximize their revenue and reduce revenue compliance risk by managing every dollar that impacts their top line encompassing contracting, pricing, incentives, and rebates. Model N leverages its deep industry expertise to support the unique business needs of Life Sciences and Technology companies in more than 50 countries. Global Customers include: Actavis, Allergan, Atmel, Bristol-Myers Squibb, Dell, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, and STMicroelectronics. Learn more at: modeln.com. Model N is traded 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.