Clarivate and Relatable Healthcare Forge Strategic Partnership to Transform Medtech Sales Contracting Process

Rhea-AI Summary

Clarivate Plc (NYSE: CLVT) has announced a strategic partnership with Relatable Healthcare to enhance medtech sales contracting processes. This collaboration integrates Clarivate's comprehensive competitive intelligence into Relatable's Product Relationship Management (PRM) platform, providing medtech companies with a single source of truth for product information and competitive data.

The partnership aims to empower clients to make informed pricing decisions, streamline sales contracting, and improve contract compliance. It addresses the challenges faced by medical device and supply companies in communicating product value and offering consultative insights in a cost-constrained healthcare environment.

By combining Clarivate's deep product-level market knowledge with Relatable Healthcare's enterprise software, the partnership equips medtech companies with tools to win new business and drive contract compliance more efficiently, particularly when serving Integrated Delivery Networks (IDNs), Group Purchasing Organizations (GPOs), and various healthcare providers.

Positive

• Strategic partnership enhances product data management and competitive conversion efficiency
• Integration of Clarivate's competitive intelligence into Relatable's PRM platform
• Streamlines sales contracting processes and improves contract compliance
• Enables more efficient revenue growth process for medtech companies

Negative

• None.

Clarivate Medtech Intelligence and Relatable software enhance product data management and competitive conversion efficiency for medtech sales, contracting and pricing teams

LONDON, Sept. 23, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, today announced a strategic partnership with Relatable Healthcare, a technology company delivering Product Relationship Management (PRM) software to leading medtech companies to drive revenue and workflow efficiency.

Relatable™ is a Product Relationship Management (PRM) platform created for medtech manufacturers and distributors to unlock new competitive conversion capabilities that drive cost-efficient revenue growth. The platform establishes a single source of truth for all information associated with specific products and their direct competitors, populating a data management platform available to contracting, sales, marketing and technical support teams.

Within the Relatable™ platform, customers can now access comprehensive competitive intelligence from Clarivate in addition to product specifications and cross-references, inventory availability, sales collateral, EPP data, chemicals of concern, manufacturing origin, or any custom proprietary data a customer wishes to manage.  This partnership empowers Clarivate and Relatable clients to make confident strategic pricing decisions, streamline sales contracting processes, and enhance contract compliance by offering comprehensive tools and insights to manage the entire contracting cycle effectively. 

Andrew Lee, Vice President Medtech, Life Sciences & Healthcare, Clarivate, said: "At Clarivate, we are focused on expanding our market intelligence and data analytics offering in the medical device and technology sectors while providing powerful workflow solutions that turn data-driven insights into decisions and actions that accelerate growth for our clients. This new strategic partnership enables us to support the industry in getting products to patients faster."

Joshua Emert, CEO of Relatable Healthcare, said: "At Relatable Healthcare, we are dedicated to creating intuitive software that modernizes how innovative medical device and supply companies leverage product intelligence to drive efficient revenue growth. We are excited to partner with Clarivate and its medtech customers to automate workflows across contracting, sales, marketing and product support. This will enable instant cross-referencing of competitive products in RFP responses, more frequent measurement of contract compliance and proactive discovery of conversion opportunities in the field."

In an evolving healthcare landscape, medical device and supply companies, along with their distributors, face significant challenges in communicating their product value and offering consultative insights. They also struggle with driving adoption and analyzing market trends effectively. Cost-constrained healthcare providers rigorously evaluate purchasing decisions, comparing devices and supplies in detail. To meet this demand, medtech companies require up-to-date competitive intelligence and advanced software to analyze and communicate tailored portfolio insights for each contracting, sales and conversion opportunity.

This collaboration enables medtech companies to commercialize products and serve Integrated Delivery Networks (IDNs), Group Purchasing Organizations (GPOs), health systems and independent hospitals, surgery centers and clinics, streamlining the entire revenue growth process more efficiently. Combining the deep product-level market knowledge of Clarivate with enterprise software by Relatable Healthcare equips medtech companies with the insights and tools to win new business and drive contract compliance.

About Clarivate

Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com

About Relatable Healthcare

Relatable Healthcare is a technology company delivering pioneering Product Relationship Management (PRM) solutions for the medical device and supply industry. Our data management tools and automated workflows help leading MedTech organizations drive efficient revenue growth across the commercialization spectrum. For more information, please visit www.relatable.io

Media Contact:
Luna Ivkovic,
External Communications, Life Sciences & Healthcare
newsroom@clarivate.com 

 

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SOURCE Clarivate Plc

FAQ

What is the purpose of the Clarivate and Relatable Healthcare partnership?

The partnership aims to transform the medtech sales contracting process by integrating Clarivate's competitive intelligence into Relatable's Product Relationship Management platform, enhancing product data management and competitive conversion efficiency for medtech sales, contracting, and pricing teams.

How does this partnership benefit Clarivate (CLVT) customers?

Clarivate (CLVT) customers can now access comprehensive competitive intelligence within the Relatable platform, enabling them to make confident strategic pricing decisions, streamline sales contracting processes, and enhance contract compliance with tools to manage the entire contracting cycle effectively.

What challenges in the medtech industry does this Clarivate (CLVT) partnership address?

The partnership addresses challenges faced by medical device and supply companies in communicating product value, offering consultative insights, driving adoption, and analyzing market trends in a cost-constrained healthcare environment where providers rigorously evaluate purchasing decisions.

How will the Clarivate (CLVT) and Relatable Healthcare collaboration impact medtech companies?

The collaboration will equip medtech companies with insights and tools to win new business and drive contract compliance more efficiently, particularly when serving Integrated Delivery Networks (IDNs), Group Purchasing Organizations (GPOs), and various healthcare providers.