Improve your market access pharma margins by up to 1.5% and reduce revenue leakage by up to 10%
The three main categories of life sciences pharmaceutical pricing challenges revolve around product launches, price maintenance, and compliance and loss of exclusivity/mature products.
PriceRight® anticipates every challenge…
|PRODUCT LAUNCH CHALLENGES||PRICE MAINTENANCE & COMPLIANCE CHALLENGES||LOSS-OF-EXCLUSIVITY & MATURE PRODUCTS|
|Launch Sequence Problems-|
How do you choose the optimal country launch sequence across billions of choices. with a 1% price difference costing million in NPV or more?
|Price Erosion Problems-|
How do you avoid losing millions annually in unnecessary price erosion?
How do you provide price optimization advice to 20• countries involved in many low-revenue products tenders easily?
|Launch Planning Problems –|
Hlow do you manage the collection of details for launch planning that impact launch pricing?
|Government Price Problems-|
How do you certify accurate reports while avoiding errors in government price publication go undetected and uncorrected?
|Erosion Modeling Problems-|
How do you forecast the impact of erosion early and often- without spending money on static, inaccurate and soon outdated forecasts?
|Handling Launch Plan Changes –|
How do you handle the constant change in launch plans when choosing among date, reimbursement, and price change responses?
How do you forecast reference price impacts quickly and accurately?
|Scaling Price Optimization –|
How do you handle price monitoring and management at the “tail end” of the product portfolio with few-to-no HQ resources?
…and then provides solutions.
Our software helps you manage pricing throughout product life cycles and enables global market access for all pharma. It also helps manage the drug price change life cycle with a single integrated suite.
Some benefits include:
- 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 by making pharmaceutical pricing governance easy.
It 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 other market access pharma 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 across market access pharma. 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 in market access pharma
PriceRight supports a robust process, including:
- Price compliance management
It 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.
It 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
|LAUNCH SEQUENCE • KEY FEATURES||REFERENCE PRICING – KEY FEATURES|
Transparent Exhaustive Algorithms
No Black Box Algorithms
Support Re-Referencing Rules
Support Sales Forecast Integration. both Revenue & Units
Support launch Planning Integration
Maintain Master Reference Pricing Rules
Subscribe to Referent Prising Role Set
What-tlf Scenarios Around Role Changes
Define Referent Rules with Excel Like Formulas
Gather Indications. Patient Population Forecast
Provide Price & Revenue Forecasts
Monte Carlo Simulation
Sales Forecast Interpolation
Include Private/ Roblin Market Launch Rates
Price and Revenue Forecast Outputs
Highlight Variable Changes Amone “What-If” Scenarios
Allow Foreast vs. Actual Analysis of Scenarios
Run Multiple Scenarios/ Bulk Simulation
Trusted Algorithm &Simulation Approach
Allow “What.lf” Changes to Scenarios
Save &Share Seenado
Net Present Calm Outputs
Line by line validation screen
Monte Carle Simulation of Rules Impacts
Probability of Rule Triggering
Currency fluctuation Support
Pharmaceutical Pricing Database, Reporting & Analytics
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
Optimize revenue by improving price margins with improved visibility, tracking and management of your tenders.As tendering becomes key source of revenue for the manufacturers, improving odds of a favorable outcome is critical to stay competitive. Here are key activities related to the tender lifecycle which could pose challenges for effective tender management process:
|Pre-Tender Shaping & Planning||Tender Bid Process||Post Tender Management|
PriceRight Bids & Tenders Module enables comprehensive tender lifecycle management by providing critcal market insights, improving visibility and ability to efficiently manage tender lifecycle.
Key features include:
- Tender Management: Allows creation and tracking of tenders with lifecycle to manage deadlines, approvals. The module provides configurable set-up for tender attributes to meet local / regional tender submission requirements. Provides visibility into history of tenders, renewals and expiration deadlines. Role based access to the module enables proper security controls and segregation of duty. Ability to document award, scoring and competitor information per tender.
- Pricing Scenarios: Supports creation of multiple pricing scenarios and selection of optimal price for customer offer. Provides ability to create and maintain complex pricing strategies such as tiered pricing, dynamic pricing, free goods.
- Workflow Management: A visual workflow designer allows the creation of workflows. Rules can support routing or wholly new processes by attributes including geography. Provides configurable workflow to route a tender for approval by various business units involved in the process. Ability to send notifications and complete approvals through email. Workflow is easily configurable to meet local approval requirements. For any business, workflow management is key!
- Price Guideline Enforcement: Provides ability to enforce price guidelines by routing tenders for additional approvals if offered discounts breaches price floors. Ability to maintain guidelines at local, regional and global level.
- Buying Group Management: This feature supports tenders initiated by buying groups or tenders where more than one customer is eligible for discount. Easy creation and maintenance of buying group eligibility and supports dynamic association with tenders.
- Mass Updates: Enables product addition / substitution to multiple tenders making the process efficient and reducing manual overhead.
- Integration: PriceRight provides comprehensive capabilities to integrate Bids & Tenders module with CRM and Revenue Mangement applications. Listed below are some of the key integration touch point:
- ERP systems to communicate tender terms and sync up master data
- SalesForce integration to support integration with opportunity management and customer segmentation
- Supply Chain integration to seek advisement on supply commitment
- BI and other data warehouse applications to provide critical data points needed for business reporting
- Insight Dashboards: PriceRight provides wide range of interactive dashboards to gain insights into various tender management related processes. Here are key insights supported by our dashboards:
- Forecasted v/s Actual Net Price Analysis
- Tender Win / Loss by Geography / Product
- Competitor Price Analysis
- Tender Performance
- Tender Status and Aging
- Gross to Net Price Anlysis
- Price Volume Analysis