You can improve margins by up to 1.5% and reduce revenue leakage by up to 10%
The three main categories of life sciences pricing challenges revolve around product launches, price maintenance and compliance and loss of exclusivity/mature products.
PriceRight® anticipates every challenge…
…and then provides solutions.
PriceRight helps you manage pricing throughout product life cycles and enables global market access. It also helps manage the drug price change life cycle with a single integrated suite.
You can do so much with PriceRight:
- Global price tracking
- Basic and advanced analytics
- Price governance
- Compliance reporting
- Advanced modeling, including:
- Launch sequence optimization
- Reference pricing simulation
- Price erosion comparison
- Ad-hoc price analysis and visualization
Price Governance & Government Compliance
PriceRight lets you take control.
Price governance made easy.
PriceRight allows you to govern pricing with an easy-to-use workflow process.
Key features include:
- Price change control and accuracy
This tool provides control over the entire process. HQ can monitor for stalled requests, reassign tasks when people are on leave, and analyze numbers and responsiveness.
- Price change analysis
With PriceRight, HQ pricing analysts can model reference price and revenue impacts quickly. They can compare price erosion trends against competitors/other products/other countries to identify outlier requests.
- Process flexibility
A visual workflow designer allows the creation of workflows. Rules can support routing or wholly new processes by attributes including geography, product, price cut level, and more.
- Price change efficiency
A tool designed for busy affiliates, providing accurate current prices in HQ or local currency. It allows uniform price cuts over many packs.
- Price intelligence
HQ looks across inbound price change requests for trends and patterns, and flag out-of-bounds requests for extra diligence.
Government compliance and reporting
PriceRight supports a robust process, including:
- Price compliance management
PriceRight tracks and confirms affiliate price reporting, and flags affiliates that are late in certifying prices.
- Automatic error detection
Launch Sequence Optimization & International Reference Pricing Simulator
All systems go and ready for launch.
PriceRight tackles the crunches so your analysts are free to analyze.
PriceRight modeling provides a comprehensive reference pricing tool. It does the baseline model crunching for you, so your analysts can concentrate on higher-order analysis.
Only PriceRight Reference Pricing lets you:
- Access international price reference rules on a subscription basis
- Run Monte Carlo routines to simulate future impact/price change scenarios
- Account for changes in exchange rates and other variations
- Free analysts to focus on higher order assumptions and issues
- Produce PowerPoint-ready graphs and output analyses
Pricing Database, Reporting & Analytics
PriceRight’s PriceTrending and PriceDatabase
Finally, firms who manage global price tracking centrally can:
- Track global prices
- Compare and track competitors’ prices
- Visualize key changes and patterns using trend pricing data
- Account for currency differences, SKUs and packaging for effective comparisons