Raritan, N.J. – June 15, 2010 — iContracts, a leading provider of solutions for managing corporate contracts, commitments, and compliance, announced today that the company has filed a patent for its unique approach to repairing and processing sales tracings and related data. By filing, iContracts moves to protect this important intellectual property in the form of a Design Patent, thus insuring the concept cannot be replicated.
Omar Bey, Chief Functional Architect of iContracts, noted, “The most pervasive approaches to repairing sales tracings require significant levels of human intervention, often requiring the need to edit electronic invoices one entry at a time. This cumbersome process can take up to 80% of a contract administrator’s time and introduces a high potential for error, thus affecting the accuracy of calculated reimbursements, incentive payments, and downstream Government Pricing compliance calculations. We believe the inherent risks for pharmaceutical companies who fail to address this critical issue in a much more automated fashion are extremely high.”
Leigh Powell, Chief Executive Officer of iContracts commented, “by first inventing and now moving to protect this important new technology, iContracts is sending a strong message of leadership and innovation to our clients and the universe of potential beneficiaries, including pharmaceutical manufacturers of all sizes who can benefit from the automation of a process so fundamental to insuring the soundness of trading partner relationships and ultimately their ability to satisfy government pricing and compliance requirements.” Mr. Powell concluded, “We are extremely proud of this breakthrough and fully expect its impact, together with additional innovations in our short term development pipeline to further fuel our rapid expansion and goal of shortly becoming the largest provider of solutions in the pharmaceutical contract management market space.”
About iContracts:
iContracts’ goal is simple – to deliver better solutions for managing contracts that are faster, easier and less expensive to implement. This mantra is reflected in everything we do. Our software is far ahead of other solutions. Powered by a Simplified Common User Interface (SCUI) that makes every user an “expert” by learning just two simple, reusable views and is backed by a highly evolved data architecture – built by technologists with considerable and unique experience in building contract management solutions for the Life Sciences industry. This deep understanding and straightforward approach shows in everything we do. iContracts’ comprehensive suite of solutions manages all aspects of a Life Science company’s chargeback, rebate and Medicaid processes as well as other incentive agreements and Government Pricing compliance at all levels. Our solutions are enterprise-class and can be easily integrated with any off-the-shelf or custom system to meet exacting business requirements without the army of consultants and endless fees associated with other products and providers. For more information, please visit www.icontracts.com.
iContracts Media Contact:
Anne Ambrosio
iContracts, Inc.
Tel: 908-393-9550
aambrosio@icontracts.com