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 says that a global tender management approach will, in comparison with a legacy approach: “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
We believe 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 learn how you can take a proactive approach to tenders and improve the end-to-end management process, check out our on-demand webinar.
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.”
1 Gartner, Life Science CIOs: Develop a Global Approach for Tender Management Excellence to Optimize Revenue, Animesh Gandhi, 12 April 2023
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