Trade+ for Life Sciences
Pharmaceutical and Medical Device companies typically make in excess of 50% of their sales through contract arrangements. Further, the costs of the contract related chargebacks, rebates and administration fees generally exceed 10% of gross sales. Just small payment discrepancies, from rate and membership variances and duplicate claims, can lead to a huge effect upon the bottom line.
The contract and rebate agreements are often quite complex, with the applicable customers being based on customer groups, that have their membership and affiliation structures regularly changing. To complicate matters further the Life Sciences sector has additional regulatory constraints and pressures above and beyond those in the CPG arena.
To deal with this increased complexity, Trade+ has additional functionality and processes specifically for Life Science manufacturers and distributors. Particular examples include:
- Versatile management of contract agreements.
- Provision for variable and multi tiered rebate and administration fee agreements.
- Multi-faceted customer membership and affiliation structures can be implemented on a single or multi-group membership basis.
- Electronic loading of customer membership, chargeback claims and sales trace data.
- Automated validation and auto correction of chargeback claims (governed by chargeback rules and tolerances), along with exception based claim viewing and correction processes
With the extended pool of integrated data that the additional functionality for Life Sciences provides, an organization can ensure that all it’s staff can now enjoy expanded access to the key benefits of Trade+, namely:
- Proper and accurate analysis and reporting.
- Reduced over payments due to errors and duplicate claims.
- Reduced administration costs.
- Reduced penalties due to non compliance and contract violations.
- Reduced regulatory compliance costs.
- Opportunities to increase sales, margins and market share.