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Model N has unveiled two newintegrateddata solutions that address critical business needs for life sciences manufacturers. Syndicated Customer Master and Formulary Compliance were designed in close partnership with the world’s leading life sciences companies to address pressing industry challenges with significant business impact. These solutions, designed with broadermarket input, address high-value use cases that drive informed business decisions, accelerate time to insight, strengthen revenue optimization, and support compliance.
“Model N's new integrated data solutions, Syndicated Customer Master and Formulary Compliance, directly address the need for data integrity and contract adherence fortoday’s leading life sciences manufacturers," saidBiju Davis, Senior Vice President of Engineering at Model N."Disparate master data sets and inaccurate formulary positions are common reasons for lost revenue among life sciences manufacturers, which our two new solutions address head-on.”
According to Model N’s2024 State of Revenue Report, more than half of life sciences executives cite data accuracy as a top challenge when managing customer data. Out-of-date and inaccurate customer data leads to pricing errors, invalid chargebacks and rebates, strained customer relationships, and issues with government reporting and compliance.
Formulariesarea crucial mechanism to ensure patient access to therapies, yet the sheer volume and complexity of drug plans used by pharmacy benefit managers (PBMs) across millions of coveredlivespresent ongoing challenges for manufacturers. Inadvertent non-compliance may negatively impact patient access and lead to significant revenue loss through rebate overpayment, causing friction between PBMs and payers.
Model N's new Formulary Compliance ensures accurate patient access, optimizes revenue, and improves relationships with payers. The solutiongrants companies access to a comprehensive, reliably sourced, and maintained formulary database, offering valuable insights into compliance trends to support customer negotiations.