October 16 by Sharath Beedu
The EPP Life Sciences Pricing Platform Top Takeaway
Smoke on the Water – As I sat on the terrace of the Grand Hotel in Montreux, birthplace of the lyrics to this classic rock hit by Deep Purple , I reflected on the state of the Life Sciences industry. How do the pricing and revenue leaders in Pharma and MedTech know where the fire is when they see the smoke? Are they able to quickly and efficiently put the fire out and stop the revenue burn? How can they go a step further and prevent the spark before it ignites?
Life Sciences Pricing Problems: Top 3
1: Working off a common definition of market access, formulating and implementing strategies to negotiate differing reimbursement policies, clinical criteria and other measures of success;
2: Building an accurate picture of all forces shaping the Gross-to-Net, across divisions, countries and products;
3: Unifying the processes for managing tenders and contracts.
These challenges seem unsolvable primarily due to legacy, outdated, on-premise and unintegrated applications, combined with the lack of a truly unified platform / data model built on modern cloud platforms. We, at Apttus work with customers across different industries that are putting the power of machine learning and intelligent agents to work. Life Science industry visionary, Gopkiran Rao, SVP of Industries at Apttus, led a discussion of key Life Sciences specific capabilities made possible by intelligent agents and how machine learning can add value to legacy and next generation pricing, contracting and tendering processes alike. In hands-on round-tables, attendees at the conference discussed the importance of approaching these next generation insights on a unified platform and model.
Don’t wait for the smoke to begin to search for the fire. Embrace cloud technology enabled innovations such as intelligent agents and machine learning now, to create a powerful intersection for run-time pricing and contracting decisions. Pharma and MedTech innovators can leapfrog their competition with Apttus Pricing and Contracting solutions, purpose-built for identifying possible sources of spark even before the fire starts.
But then… we may never have another classic song like Smoke on the Water.