Revitas Partners with Alliance Life Sciences to Offer PriceRight Solution for Optimized Global Pharmaceutical Pricing
Integration with the Revitas solution suite allows global pharmaceutical companies to optimize cross-border pricing to maximize total product revenue at each stage in the product lifecycle
PHILADELPHIA—February 24, 2015—Revitas, the leader in revenue acceleration, today announced that the company has partnered with Alliance Life Sciences to provide its PriceRight® global price management solution to global pharmaceutical manufacturers. The offering will allow global players in the pharmaceutical industry to analyze and optimize global pricing strategies in order to maximize revenue throughout the lifecycle of branded and generic pharmaceuticals.
“By incorporating PriceRight into the Revitas software suite, we can now offer our customers a single solution for global pricing across all aspects of their business, from tender response to rebate administration,” said Jon Smith, Vice President, Alliances and Business Development for Revitas.
The Alliance Life Sciences PriceRight solution provides industry-leading capabilities for international product launch sequencing, global reference pricing, and bid-and-tender analytics, integrated with price governance workflows and competitive price tracking to forecast the revenue impact of pricing decisions. By using PriceRight as part of the Revitas®solution suite, global drug companies can improve margins by as much as 1.5 percent in under-optimized product portfolios and improve revenue capture in the bids-and-tenders process by up to 10 percent in under-managed markets.
As context, a $1 billion pharmaceutical company using PriceRight to manage more than 1,000 annual price changes projected incremental revenue of $12 to $15 million, resulting from reduced price erosion. This improvement inperformance is due to the PriceRight solution’s ability to control the cross-border effects of price changes by reducing the impact of reference-based pricecuts.
Under the partnership, Alliance Life Sciences joins Revitas’s Validated Integration Program, which enables partners to offer advanced solutions that leverage Revitas products and data assets and deliver them on the industry-leading RevitasFlex® platform. The Alliance Life Sciences PriceRight solution integrates with the Revitas RevenueManager™ and Revitas ContractManager™ solutions and enables manufacturers to drive both top- and bottom-line performance by optimizing global pricing at each stage in the product lifecycle.
“More and more, we see pharmaceutical manufacturers seeking to further optimize prices impacted by the complex interdependencies of global product pricing decisions,” said Mark Costa, Senior Vice President and General Manager, Software Division for Alliance Life Sciences. “Many global pharmaceutical companies rely on Alliance Life Science’s PriceRight solution to conduct data-intensive analysis in order to develop global pricing strategies that maximize total product revenue.”