SAN MATEO, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Model N, the leader in revenue optimization and compliance for life sciences and high-tech companies, launched new generative AI (GenAI) and expanded data capabilities to strengthen its core product suite. Integrating GenAI and intelligent data into the company’s Channel Data Management, Formulary Compliance, and Provider Management solutions showcases Model N's strong commitment to delivering continuous innovation and excellence to the world’s most innovative brands in life sciences and high tech.
“The opportunity to harness the power of GenAI and intelligent data to help our customers drive revenue growth, strengthen compliance, and achieve market success couldn’t be greater. As we look ahead, continuing to innovate with AI technologies in our product portfolio remains a top priority – empowering our customers to deliver life-changing products,” said Suresh Kannan, Chief Product Officer, Model N.
Bolstering Channel Sales by Leveraging GenAI
Model N’s new generative AI Catalog Discovery is a part of its Channel Data Management solution that effectively helps high tech companies manage revenue from indirect sources. GenAI Catalog Discovery automates point-of-sale (POS) data processing, converting unstructured product descriptions into structured, actionable data, regardless of language. High-tech manufacturers can use the AI output to identify how their products are used and bundled for consumption. This helps optimize product bundles for increased channel sales and market share.
Additionally, the company launched a web-scraping component for Catalog Discovery, a critical capability for e-commerce. This capability enables automatic collection of channel data from e-commerce sites, eliminating the need for manual data gathering—thus automating and enriching a customer’s product catalog.
Expanding Data for Best-in-Class Formulary Coverage
Model N’s recently launched data & analytics solution, Formulary Compliance, continues to expand its formulary coverage. Designed with broader market input, Formulary Compliance grants pharma companies access to a comprehensive, reliably sourced, and maintained formulary database, offering valuable insights into compliance trends to support customer negotiations.
Through expanded data sets, our solution now covers 120 million patients – representing 75% of all covered lives in the U.S. – with mapped plan-to-formulary identification. This unmatched level of coverage differentiates Model N as a best-in-class solution by identifying formulary non-compliance with certainty. Formulary Compliance demonstrates the power of combining Model N’s market-leading revenue management solutions with data intelligence to deliver innovative solutions that address complex market challenges in life sciences.
Enabling Life Sciences to Expand Globally
Today’s increasingly complex global landscape drives pharma manufacturers to optimize compliance systems when expanding to markets outside the U.S. This is especially true given the increased practice of pharma rebates in international markets, which has led Model N to enhance its market-leading Provider Management solution to support global customers.
Provider Management, which helps life sciences companies automate contract pricing, rebates, and compliance, now covers 90% of global geographies. The solution unifies global and regional processes on a single application, delivering comprehensive support for language translations, date, time, and currency formatting, with user-experience screens optimized for worldwide deployment. This critical enhancement allows pharma manufacturers to standardize revenue optimization across international markets and ensure compliance with internal and regulatory reporting standards.
"Our focus on GenAI, intelligent data, and automation strengthens Model N’s partnership with leading life sciences and high-tech brands around the world. With our commitment to innovation and excellence, we’re attuned to critical market needs and will continue to deliver solutions that create long-term business value for our customers,” said Kannan.
To learn more about Model N’s latest product innovations, visit www.modeln.com.
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About Model N
Model N is the leader in revenue optimization and compliance for pharmaceutical, medtech, semiconductor, and high-tech innovators. Our intelligent platform powers digital transformation with integrated technology, data, analytics, and expert services that deliver deep insight and control. Our integrated cloud solution is proven to automate pricing, incentive and contract decisions to scale business profitably and grow revenue. Model N is trusted across more than 120 countries by the world’s leading companies, including Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom, and Microchip Technology. For more information, visit www.modeln.com.
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