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For pharmaceutical companies, the performance of contracts with third party entities including Payers, GPOs, and Direct Buyers serves as a key driver of financial performance. These contracts significantly impact revenue increases, profit margin improvements, and reducing financial risks associated with unfavorable contracts or changing compliance requirements. The contracts involve complex terms and negotiation processes that require sophisticated modeling capabilities.
During contract negotiations, managed market account executives and directors, contracting and market access analysts and managers, and contracting and pricing review committees often work asynchronously in Excel-based silos or managed solutions with limited transparency. The ability to quickly model multiple cases from multiple perspectives provides a competitive advantage, while comparing actual versus projected performance helps companies continually learn from and improve their contracting process to drive value through maximizing market access and ROI on rebates paid.
Pharmaceutical companies face significant obstacles in their contract negotiation and management processes. Teams working in Excel-based silos create fragmented workflows with limited transparency across stakeholders. The complex, fragmented processes make it difficult to efficiently create new bid models, load actuals, and incorporate new brands and indications.
Critical stakeholders including Managed Markets teams struggle to identify opportunities and create new deals efficiently, spending insufficient time strategizing with business partners and entering negotiations without optimal information. Contracting & Pricing teams find themselves wrangling data rather than formulating and executing strategy.
Additionally, companies lack adequate reporting capabilities that accurately account for complex deal structures and relationships with third parties such as Payer Entities, limiting their ability to maximize competitive advantage and mitigate financial risks.
The Keyrus Pre-/Post-Deal Contract Analytics solution transforms the contract management process by transitioning from Excel to a centralized cloud platform. The solution brings together contract-detailed bid models, summary bid models, payer side cost models, deal performance tracking, bid proposals, contract status logs, and more into a unified system with shared digital backbone.
The platform connects upstream and downstream data points to develop forecast scenarios in real time using inputs from people closest to the information. It provides planners with understanding of ROI from different pricing contract scenarios for Commercial, Medicaid, GPOs, and Direct Buys. The solution empowers teams with what-if analysis capabilities on contract elements including formulary tier, restriction coverage and rebates, utilizing predictive volume shift to identify the most advantageous contract changes to offer or agree to.
The approach includes hierarchies and data-driven security roles, data integration from external source systems, and connection with GTN Models.
The solution delivers substantial improvements across multiple dimensions of pharmaceutical contract management. Teams gain access to better reporting that accurately accounts for complex deal structures and relationships with third parties, enabling more informed decision-making throughout the negotiation process. The platform enables automation of operational work, allowing teams to invest time into improved modeling, analytics, and forecasting activities.
These enhancements drive increased revenue and profit margins while growing market share and mitigating financial risks associated with unfavorable contracts. The solution supports increased customer retention rates and maximizes competitive advantage by providing teams with the collaborative intelligence needed for optimal contract performance. Organizations can reference actuals and top performing bids from the past to inform plans and future negotiations, while modeling bid comparisons across active and draft scenarios with predictive statistical or machine learning capabilities.
Access the full details of this key play, and have it on the go. Available as a PDF.
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