REDWOOD SHORES, Calif., June 12, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Model N, Inc. (NYSE: MODN), the leading revenue management provider to the life sciences and technology industries announced today the launch of Spring '14 release of its market-leading Global Price Management (GPM) solution. This release brings significant enhancements that will give pharmaceutical companies control and governance in the execution of pricing policies to achieve optimum price and margins throughout the product lifecycle.
Pricing strategies for patented drugs differ significantly from country to country. External reference pricing, or international price comparison, is the common instrument to control prices of pharmaceuticals. Often the algorithms used to derive reference prices vary among countries and details of the algorithms used remain unclear.
Price erosion, missed opportunities and often millions of dollars left on the table are the outcomes of failing to systematically design prices and understand the impact price changes have in a global context.
Global alignment, global price governance, cross-border collaboration and wider user adoption are critical to address price erosion, lost revenue and margins. Complex dependencies require an easy to use software-as-a-service (SaaS) solution that provides high visibility, governance and user adoption.
The Spring '14 release of Global Price Management (GPM) solution includes best price approval and governance mechanisms and is built on the Force.com platform
The latest features are designed to drive better:
- Visibility – Global pharmaceutical pricing managers are now empowered with insight & analytics that improve cross-country information sharing and collaboration. The new dashboard provides alerts, price approval information, and recent price changes in the market, in addition to quick links and reporting.
- Governance – Tighter governance of the pricing process is now available within Model N's GPM solution with ability to customize user access, approval mechanisms and auditing capabilities. This helps customers increase transparency of their pricing process, reduce maverick pricing decisions and ensure auditability.
- Adoption – User adoption is at the heart of this release. Enhanced usability and a streamlined interface remove complexity making the software easier and faster to use. Individuals can now send price requests in bulk for a group of products with different price types, saving time and reducing potential errors.
"The enhancements included in the spring release greatly improve the decision support capabilities within the Global Price Management (GPM) system, which should lead to reductions in routing time and allow insights to be captured and evaluated." said pricing and analytics leader, Thomas Curry, at Abbvie, the global biopharmaceutical company.
Ali Tore, VP of Strategic Markets, added: "Empowering global teams to maximize a product's margin over time is our primary goal. Because Global Price Management (GPM) follows real-life processes it boosts user adoption, giving companies a real alternative to the shortcomings of home grown solutions."
Global Price Management (GPM) is a SaaS product available as part of the GPM Foundation and includes the International Reference Pricing module.
Additional Resources
White Paper: Define a Global Price Management & Market Access Strategy
Gilead & Model N Webinar: Effectiveness in Global, Regional and Market pricing
Model N Global Price Management
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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, Amgen, Atmel, Boston Scientific, Bristol-Myers Squibb, Dell, Johnson & Johnson, Linear Technology, Merck, Marvell, Maxim, Micron, Nokia, Novartis, Novo Nordisk, ON Semiconductor, and STMicroelectronics. Learn more at: http://www.modeln.com . Model N is traded on the New York Stock Exchange under the symbol MODN.
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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.
Contact
Alexandria Rumble
Model N
Tel: +44 (0)1932 895090
Email: arumble(at)modeln(dot)com
Amanda Jones
Connect Marketing
Tel: 801.373.7888
Email: amandaj(at)connectmarketing(dot)com
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2014/06/prweb11937500.htm