Case Study: Top Pharmaceutical Manufacturer Automates Contract and Compliance Process to Facilitate Rapid Growth
The pharmaceutical manufacturer’s primary focus is to develop and market a broad array of pharmaceutical products and aggressively build a world-class product portfolio. To accomplish its goals, the company needed contract management systems that were straightforward, easy to use and flexible enough to adapt to their rapidly growing business. They also needed greater pricing transparency, accurate data for optimal pricing decisions, visibility into contract compliance and performance, and improved rebate and chargeback accuracy.
- Understanding the true “net price” (after rebate) in comparison to invoice prices for specific products and product lines within customers and customer segments.
- Evaluating the revenue and margin impact of pricing proposals.
- Evaluating customer performance relative to structured rebate tiers and other incentives to better understand future programs or adjustments to current efforts.
- Chargeback, Rebate, and Medicaid calculation and payment accuracy.
After a thorough evaluation of available software solutions, the pharmaceutical company selected iContracts, Inc. and their Better Contracting Solutions (BCS) platform and applications, for managing Chargebacks, Rebates, Medicaid and Government Pricing compliance.
Software implementation was completed in 60 days. Combined with the need for fewer resources dedicated to the management of their contracts, the pharmaceutical manufacturer was able to more than pay for their initial investment in less than six months. Specific, immediate results included:
- Improved pricing accuracy
- Complete pricing transparency
- Contract compliance visibility and assurance
- Verifiable payment accuracy
- Improved structure of contract terms to optimize the company’s goals and customer expectations