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Model N Announces New SaaS Solution for Pharmaceutical and Biotech Companies to Address State Price Transparency Mandates
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Model N, Inc. (NYSE: MODN) announces the launch of its new State Price Transparency Management (SPTM) SaaS solution aimed at aiding pharmaceutical and biotech companies in meeting state price transparency mandates. The solution automates compliance processes, ensuring traceability and standardization. Key features include legislative and reporting templates, a scheduled reports calendar, and analytical tools for assessing price impacts. This initiative reflects Model N's commitment to support life sciences firms in adapting to evolving regulatory demands.
Positive
Launch of State Price Transparency Management (SPTM) SaaS solution to address state price transparency mandates.
SPTM automates compliance processes, improving efficiency for pharmaceutical and biotech companies.
Key features include legislative repositories and analytical tools to assess pricing impacts.
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None.
Revenue Management Leader Helps Life Sciences Companies Operationalize Price Transparency Processes and Adapt to New Market-Driven Demands
SAN MATEO, Calif.--(BUSINESS WIRE)--
Model N, Inc. (NYSE: MODN), a leader in cloud revenue management, announced the general availability of its new SaaS solution for pharmaceutical and biotech companies, designed to meet the fast-growing demands for state price transparency mandates. With the increasing number of states requiring transparency reporting, the importance of a solution to help companies meet their corporate compliance goals is also increasing.
State Price Transparency Management
With this new solution, Model N will deliver State Price Transparency Management (SPTM), the first SaaS solution built specifically to assist pharmaceutical and biotech firms in operationalizing the complete end-to-end process for meeting evolving state mandates.
SPTM capabilities will ensure that Model N customers can meet state-by-state price transparency requirements, managing compliance by automating key steps in the process while simultaneously facilitating complete traceability and standardization.
SPTM Key Features and Highlights:
Legislation and report template repositories that enable users to configure and store the latest legislative rules and report formats
A scheduled reports calendar that integrates governance capabilities and ensures that Model N Revenue Cloud generates transparency reports for each state
A “what-if” functionality for analysis that helps companies determine the potential impacts of price changes and product launches on transparency reports on a state basis
According to Suresh Kannan, Chief Product Officer at Model N, meeting the demands of new state price transparency laws is integral to helping life sciences customers thrive in a fast-changing market. “Model N is committed to delivering industry-leading technology for life sciences and high-tech companies. The new SPTM SaaS solution that we’re delivering is designed to help our customers efficiently adapt and thrive in a world of complex state regulations and evolving market dynamics.”
Model N enables life sciences and high-tech companies to drive growth and market share, minimizing revenue leakage throughout the revenue lifecycle. With deep industry expertise, solutions and business services purpose-built for these industries, Model N delivers comprehensive visibility, insight and control over the complexities of commercial operations and compliance. Our integrated cloud solution is proven to automate pricing, incentive and contract decisions to scale business profitably and grow revenue. Model N is trusted across more than 120 countries by the world’s leading pharmaceutical, medical technology, semiconductor, and high-tech companies, including Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom, and Microchip Technology. For more information, visit www.modeln.com.
What is the new solution launched by Model N, Inc. (MODN)?
Model N, Inc. has launched the State Price Transparency Management (SPTM) SaaS solution to help pharmaceutical and biotech companies comply with state price transparency mandates.
How does the SPTM solution benefit Model N (MODN) customers?
The SPTM solution automates compliance processes, providing traceability and standardization, which helps customers efficiently meet evolving state regulations.
What are the key features of Model N’s SPTM solution?
Key features include repositories for legislative rules, a scheduled reports calendar for compliance, and analytical tools for assessing price changes.
When was the Model N SPTM solution announced?
The Model N SPTM solution was announced on February 1, 2022.
