Shots:
- Suresh Kannan discussed the latest semi-annual update to bring innovative revenue optimization and compliance solution for life sciences and high-tech innovators
- He elaborated on the Fall 2022 product release, providing customers with tools to improve automation, efficiency, and profitability during economic uncertainty along with streamlined pricing communication
- The interview gives an understanding of how Model N helps high-tech manufacturers to improve top-line revenue and margins through Revenue Cloud which is designed to help customers respond to changes faster and forecast more accurately
Smriti: Please shed some light on the Fall 2022 Product Release of Model N Revenue Cloud.
Suresh Kannan: This latest semi-annual platform update brings innovative revenue optimization and compliance solutions to our high-tech and life sciences customers, including pharmaceutical manufacturers. Specifically, our Fall 2022 release helps our pharma customers achieve compliance and meet their strategic objectives quickly. Two important examples include the ability to receive and process the latest payer, prescriber, and government data standards and better forecast pricing impacts of a drug falling off patent.
Smriti: Highlight how this new semi-annual update will be an innovative revenue optimization and compliance tool for Life Sciences and High-Tech Customers.
Suresh Kannan: Life sciences and high-tech innovators are under pressure from an ever-changing market economy and must respond quickly while maintaining compliance. We’ve aimed our latest product innovations to power customers’ profitability and business growth. Life sciences customers can be more confident that the right medicines and devices are delivered at the right prices. High-tech customers, such as semiconductor manufacturers, can more quickly execute price updates in current deals and flexibly apply new pricing to future deals.
Smriti: Life sciences and high-tech innovators are feeling the pressure of an ever-changing market economy. Tell us how will this new release empowers customers in making critical business decisions.
Suresh Kannan: Market shifts and direct customer feedback informed improvements that we have made in this semi-annual release. Price consistency remains a challenge for both the life sciences and high-tech industries. Our latest release provides news tools for drug, chip and device manufacturers to control contract pricing communication with internal and external parties and have greater flexibility in data automation when working with channel partners. These enhancements are critical, as customers need to respond faster to market changes such as inflation and fluid supply and demand.
Smriti: Please elaborate on the role of Model N’s Revenue Cloud in enhancing the profitability of Life Sciences companies.
Suresh Kannan: The global pharmaceutical industry faces challenging market dynamics that force it to consider changes to its revenue strategy – how medicines are priced, sold, and distributed. Medical device manufacturers are grappling with challenges ranging from supply chain disruptions to hospitals cutting budgets and forgoing equipment purchases. Model N empowers our life sciences customers to gain a competitive edge by automating revenue execution and halting price erosion, all while maintaining contract and regulatory compliance.
Smriti: For High-Tech innovators, in what manner will Model N’s solution help them gain a proactive market response?
Suresh Kannan: High-tech executives continue to look for ways to improve how their organizations manage revenue across the complexities of their product catalogs, sales channels, incentive programs, and billions of revenue execution moments on a global scale. While most of these companies can accurately analyze what has occurred in the past, it’s significantly more difficult to manage gross-to-net revenue waterfall in real time.
Model N helps high-tech manufacturers improve top-line revenue and margins through our Revenue Cloud, which is designed to help customers respond to changes faster and forecast more accurately.
Smriti: Please brief our readers about Model N and your integrated cloud solution.
Suresh Kannan: Our intelligent, integrated solutions are available for customers in life sciences and high tech. We offer critical capabilities that help to optimize and protect prices globally throughout the product life cycle, reduce risk with payer and pharmacy benefit manager contracting, and provide real-time data and insights into sales performance.
Too often, data is siloed, making it difficult to flag product and sales trends and anomalies and – more importantly – understand why companies are winning or losing deals. Model N helps our customers make smarter decisions driven by data and insights. Integrated machine learning and artificial intelligence capabilities enable organizations to realize the complete value of pricing, deal, and in the high-tech sector, channel performance.
Smriti: Can you also share some other trends in making that you might not have shared in a press release or elsewhere exclusively for PharmaShots readers?
Suresh Kannan: Recent and potential legislative actions remain top of mind for many in the pharmaceutical industry. For example, as more states consider price transparency requirements, customers will look to Model N to ensure they remain compliant. At a federal level, the Inflation Reduction Act contains provisions for new inflation-indexed rebates for both Medicaid and Medicare. We’re looking closely at how the legislation will affect our customers and working to offer support for aspects of it in our system.
Finally, we see an acceleration in the trend of healthcare consumerization, and with it will come an expectation from a growing, digital-native workforce for easy-to-use technology. Pharma companies must fight inertia and adopt modernized workflows and delivery models to cater to a shifting digital landscape.
Suresh Kannan is the Chief Product Officer at Model N. He has over 25 years of combined experience in product development, product management and general management. Suresh brings a unique depth of knowledge in the life sciences software space and is adept at managing product portfolios at varying levels of technical maturity.
