Expanded Product Capabilities and Customer Growth Solidify Revitas as Industry Leader in Revenue Management Solutions for Generic Pharmaceutical Industry
8 out of top 10 generic manufacturers rely on Revitas Enterprise Revenue Dynamics solutions to manage and safeguard revenue
PHILADELPHIA--(BUSINESS WIRE)--Revitas, the leader in Enterprise Revenue Dynamics (ERD), today announced continued growth and traction in the generic pharmaceutical industry, providing expanded product capabilities for contract, revenue, and compliance management to pharmaceutical manufacturers, including eight out of the top 10 generic drug companies. Revitas has proven success helping life sciences organizations optimize revenue and safeguard margins with its comprehensive suite of automated revenue management solutions that handle the most complex pharmaceutical contracts and scale even with the industry’s largest data volumes. Through the use of Revitas® solutions, generic pharmaceutical manufacturers gain the expert tools to meet changing market demands, maximize revenue, and ensure compliance with government regulations.
“The generic industry is under immense pressure to improve margins in a competitive market”
Evolving industry dynamics, especially the decline in branded drug patent expirations, have forced generic manufacturers to leverage a myriad of complex pricing and rebating strategies to gain market share. Many manufacturers rely on manual and spreadsheet-based approaches to manage their generic pharmaceutical transactions, yet these methods cannot scale to meet the speed and efficiency demands placed on modern enterprises. In order to manage the sheer volume of transactions, generic pharmaceutical manufacturers must employ an orderly and automated processing system. Revitas solutions have been successfully deployed at the largest pharmaceutical companies worldwide, and are proven to handle transaction processing volumes of 1 billion per day with no performance degradation.
“After entering the U.S. market in 2003, we faced intense competition from other generic companies, forcing us to better safeguard revenue while maintaining compliance with strict government regulations,” said Deborah Chase, Director of Contracts at Glenmark Generics Inc. “In an effort to ensure accurate processing of chargebacks and rebates, we implemented the Revitas CARS® solution on the Flex platform. With Revitas CARS in place, we gained an automated solution that could handle our complex pricing and incentive plans, and in turn protect our bottom line.”
The Revitas CARS solution provides generic manufacturers, like Glenmark Generics Inc., with automated incentive payment execution, enabling them to minimize costly margin erosion. All Revitas applications are delivered on the industry-leading Flex® platform, allowing an organization to share data seamlessly and execute critical business activities in a single end-to-end process flow.
“The generic industry is under immense pressure to improve margins in a competitive market,” said Jon Brier, Product Line Manager at Revitas. “As manufacturers turn to increasingly complex pricing and rebating strategies to grow market share, they need solutions robust and scalable enough to process high volumes of transaction data. In addition, deep visibility into program performance helps manufacturers craft more successful incentives and pricing strategies in the future. Revitas continues to advance its solutions to meet the changing business needs of the generic community and to remain the top choice for a revenue management solution.”
Revitas, the leader in Enterprise Revenue Dynamics, delivers integrated solutions for contracts, pricing, and compliance that drive higher profitability and lower risk. Revitas empowers companies to optimize contract performance by defining, managing, and analyzing complex, multi-tier pricing incentives and enables positive proof of compliance with commercial, financial, and industry requirements. Powered by the secure, scalable, and standards-based Flex® platform, Revitas® applications speed time to market and improve visibility across B2B relationships. Hundreds of organizations across the most highly regulated and challenging industries leverage Revitas integrated solutions to save money, make money, and reduce risk. Learn more about the power of Enterprise Revenue Dynamics in this video. For additional details, visit www.revitasinc.com or http://blog.revitasinc.com/.