Currently, the life sciences industry is seeing a variety of software solutions emerge in the areas of contract management and business analytics. These solutions offer automation for contract renewal and enhancement of future contracts, pricing calculations for chargebacks and rebates, and comprehensive audit trails. The value of shifting to a digital landscape is very apparent and unquestionable from a data capture, analytics, and compliance standpoint, and therefore many companies are embracing some form of system-based solution with open arms.The not-so-apparent aspect of systems solution is the integration hurdles they could present if proper guidelines are not followed during system implementation. For example, companies must take measures to ensure their contract management systems sync up to the respective master data systems for both government and commercial contracting. An out-of-the-box solution may promise to do one or the other but properly integrating and testing functionality prior to go-live is a significant step that could derail the automation and create excess costs if done incorrectly.
System-based contract management and pricing calculations for accurate and compliant rebate processing is moving into its next phase. As the amount of data entering these systems grows, business analytics on big data will provide invaluable insights into how manufacturers can further preserve revenue and gain competitive advantages in the marketplace.
This year’s Annual Summit on the Medicaid Drug Rebate Program will include presentations on how to implement contract management and rebate processing systems correctly the first time around as well as how to best bundle systems to maximize value. Make sure you register for this important event and tune into the Huron Consulting Group live-blog to learn what tips and suggestions are being shared and follow related discussions including the future of contracting and system processing!
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