Amid rising global healthcare costs and increased pricing pressure, the use of tenders to procure life sciences products is growing. Considering that 80% of medtech and 40% of pharma revenue is derived from tenders outside of the U.S., a clearly defined, well-managed tendering process is critical to doing business internationally.
That’s easier said than done, however. Many life sciences organizations struggle to effectively plan for, manage, and track tenders. This is due to a variety of factors, including operational and regional silos, lack of visibility, complex pricing regulations, and reliance on manual processes and spreadsheet-based tools.
Model N understands that like so many other aspects of the life sciences industry, the tendering process can be dramatically improved with the help of an end-to-end, cloud-based technology solution. Research supports this position: According to a Gartner® report, a global approach for tender management excellence should “deploy technology to modernize the tender management environment that enables discovery of new opportunities, streamlines evaluation and submission process through integrated workflow and approvals, and facilitates improved decision making through adaptive governance.”[1]
The report also calls out the need to “improve visibility of tenders,” “standardize processes,” and “measure success of your program by using metrics that enable better understanding of your tender portfolio and identify hurdles preventing revenue growth.”1
Model N’s Global Tender Management solution aligns perfectly with this approach. The solution helps life sciences leaders maximize revenues by optimizing bids, aligning local and global resources in the tender process, and enabling them to capitalize on the benefits of a data-based approach to tendering. It’s a core component of our global pricing suite for pharma and medtech manufacturers, which is designed to optimize and protect revenue throughout the commercialization process.
To read more Gartner research and recommendations on tender management, click here for complimentary access to the report, “Life Science CIOs: Develop a Global Approach for Tender Management Excellence to Optimize Revenue.”
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
[1] Gartner, Life Science CIOs: Develop a Global Approach for Tender Management Excellence to Optimize Revenue, Animesh Gandhi, 12 April 2023
