Industries

Life Sciences

The Need for Pricing and Contract Software in Life Sciences

Life Science companies operate in a highly competitive, complex and regulated market where the effective management of contracts, pricing and rebates across the organization is vital to the overall health of the business.   With contractual commitments in the billions of dollars, Life Sciences organizations cannot rely on open ended contract and pricing processes driven by out of date or incomplete solutions. 

Additionally, Life Sciences companies face an ever-expanding volume of government regulations. Life sciences companies are required to manage financial calculations required for compliance with government programs such as the Medicaid Drug Rebate Program, Medicare, Federal Supply Schedule, Public Health Service (340B) and Coverage Gap. Organizations lacking positive proof of compliance will add to the billions in fines paid in recent years by Life Sciences companies.  Even more frightening for Life Sciences executives, there is the possibility of jail time for those leading companies who are not compliant with certain regulations.  In the end, maximizing profitability, staying compliant and remaining agile are all keys to staying highly competitive in an extremely complex and highly-regulated industry.

Enterprise Revenue Dynamics (ERD) is the necessary key to solving these critical business issues for Life Sciences companies.  ERD is the interlock of contract software, revenue management and compliance. When contracts, pricing incentives, and compliance obligations are delivered through a single, strategic platform, both revenue and profit margins are protected, and companies remain in-line with government regulations.  Additionally, deals close more quickly, and risk is controlled. No longer are contracts and multi-tier pricing incentives a source of corporate liability. Instead, they are a strategic asset for maximizing product profitability and building stronger business relationships.

ERD can be optimized through the use of Life Sciences-specific modules:

Learn about Revitas™ for the Life Sciences Industries

Revitas CARS is a contract software and pricing solution married to compliance and analytics tools designed specifically for the Life Sciences industry. Learn about how Revitas CARS can help you meet the contracts, pricing, and compliance challenges faced in the Life Sciences industries.

Revitas Contract Manager is a comprehensive contract lifecycle management solution for the authoring, management, and storage of complex B2B contracts. Learn how Revitas Contract Manager automates contract creation, review, and renewal processes, speeding time to market, establishing operational efficiencies, and improving visibility across the contract lifecycle.