|What pharma needs to know after
President Obama’s re-election has been sliced and diced over the past couple days, with pundits, experts, and business leaders weighing in on what they think we can expect over the next four years. Here at Revitas, we’ve been thinking about what Obama’s re-election means for the pharmaceutical industry. Our very own Jon Smith offered his forecasts in MedCity News today.
In short, he narrows it down to the following: the Patient Protection Affordable Care Act (PPACA) is here to stay, regulatory scrutiny (including heavy fines) will increase, and the government will make examples of some high profile companies’ noncompliance in the next few years. For the full story and all of Jon’s details, hop on over to MedCity News to see what Obama’s re-election means for pharma manufacturers.
Perhaps the most pressing of these predictions is the first. Tuesday’s election results were the dot under the exclamation point for this summer’s Supreme Court ruling on the PPACA. Without question, Obamacare -- a moniker that President Obama has embraced -- is the signature achievement of the president’s first term. Hotly debated and later contested at our highest judicial level, the PPACA has proven more resilient than many pundits predicted, and it marks an inflection point in U.S. healthcare policy.
But many manufacturers have not yet prepared to meet the new compliance regulations. There are two questions pharma organizations need to answer now:
- How is your company positioned?
- Have you taken steps during the last two years to prepare for the changes being brought on by the PPACA?
To mitigate any unnecessary risk, manufacturers need a solution that is at once auditable, to ensure compliance, and flexible, to easily adapt to changes brought forth by the evolution of the PPACA. If your company is still working to become compliant with the PPACA, consider Revitas’s solutions for contract management, pricing execution, and compliance automation, which will meet current and future legislative requirements. Powered by the Flex platform, these Enterprise Revenue Dynamics applications integrate across the platform as well as with ERP, SCM, and CRM programs.
These applications, coupled with the power of integration and interoperability, enable manufacturers to protect against revenue leakage and margin erosion while at the same time ensuring compliance with the PPACA and other government requirements while remaining adaptable to future changes.
To learn more about how Revitas helps manufacturers become and stay compliant with ever-changing government regulations, look through this recent white paper on how to best integrate contracts, pricing, and compliance.