Revenue Management Solutions in Pharmaceuticals and Biotechnology Reviews and Ratings

Gartner defines “RMS” as processes and systems associated with a broad array of activities to ensure manufacturers maximize revenue across all distribution channels by minimizing revenue leakage and addressing compliance requirements. Within the LS industry, revenue management is a combination of software and services that manufacturers use to: Address global pricing challenges by identifying industry trends and aligning pricing and access strategies with market needs.; Create and evaluate tender proposals and prepare optimum responses efficiently by equipping tender managers with data and tools to shape tenders and ensure cross-functional collaboration.; Enhance contract management by effectively managing contracts for both direct (wholesalers, retailers, chains) and indirect (group purchasing organizations [GPOs]) purchasers through robust data analytics and reporting.; Eliminate chargeback overpayments by automatically validating contracts and memberships, by processing chargebacks received through electronic data interchange (EDI) rapidly and by eliminating manual error-prone activities.; Mitigate compliance risks by accurately calculating statutory pricing to meet reporting requirements for all federal- and state-regulated programs.; Improve accuracy and efficiency of GTN revenue forecasting and revenue cycle by automating GTN analytics and enabling what-if scenario modeling.; Connect disparate departments by enabling smart workflows that coordinate routing, approvals, alerts and price/contract updates. Medical device and medical product wholesalers also implement RMS, but their needs extend beyond pharmaceuticals and biotechnology manufacturers. Specifically, medical device companies leverage configure, price and quote (CPQ) solutions, which are not addressed in this Market Guide. This Market Guide is focused on the needs of LS manufacturers and not the needs of other stakeholders in the revenue management distribution chain.

How these categories and markets are defined