Kyle Forcier Shares His Views from Model N’s 2023 Product Updates for Pharma

Shots:

Kyle started by giving a brief introduction to Model N’s Spring 2023 product release for life sciences and high-tech customers and discussed its key features
He then spoke about the challenges faced by the pharmaceutical industry due to duplicate discounts and how Model N’s 340B Vigilance Solution can address these challenges
The interview shows how Model N is working to advance its revenue optimization and compliance for pharmaceutical, MedTech, and high-tech innovators

Smriti: Shed some light on Model N’s Spring 2023 product release and its key features.

Kyle Forcier: Model N's Spring 2023 product release introduces several key features for pharmaceutical manufacturers, including 340B Vigilance, a solution to support the ever-changing 340B pricing landscape and new Global Tender Management capabilities critical in the European market. For high-tech manufacturing, product enhancements will allow manufacturers to act quickly in response to changes in market conditions, updating prices in real-time for all deals and transactions. These and other product enhancements will help pharmaceutical, medtech and high-tech manufacturers further optimize revenue operations and strengthen compliance worldwide.

Smriti: What is the significance of the 340B Vigilance Solution for the pharmaceutical industry, and how does it address industry challenges?

Kyle Forcier: Model N’s 340B Vigilance solution addresses the challenges of managing pricing, rebates, and chargebacks under the U.S. federal 340B drug pricing program. It prevents manufacturers from inadvertently providing duplicate discounts by flagging and managing affected medications before rebate payment.

Smriti: Can you explain how the Global Tendering enhancement benefits the life sciences sector and improves the tendering process?

Kyle Forcier: Global Tendering enhances the European market, where 80% of medtech and 40% of pharma revenue is derived from the tendering and bidding process internationally. These aspects benefit the life sciences sector by providing complete visibility into inventory commitments across the supply chain. The insight helps companies maintain administrative compliance and mitigate the risk of over or under-production. It improves the tendering process by ensuring transparency and reducing the chances of supply chain disruptions.

Smriti: How does Model N ensure data security and compliance with industry regulations with the new solutions and enhancements?

Kyle Forcier: Model N ensures data security and compliance amid increasingly complex government regulations. Our deep expertise in the pharma regulatory space allows us to design solutions such as Model N Government Pricing, Validata, and State Price Transparency Management, enabling organizations to stay compliant with state and federal regulations. Model N Cloud delivers industry-leading availability, scalability, and security, including SOC 1 and 2 compliance, making our platform the revenue management and compliance software of choice for most leading life sciences manufacturers.

Smriti: How does this 2023 release align with the current trends and demands of the pharmaceutical and Medtech industries?

Kyle Forcier: The 2023 release meets the market needs of revenue optimization, administrative compliance and supply chain visibility. The 340B Vigilance and Global Tender Management solutions address industry challenges such as duplicate discounts and tendering process inefficiencies. Model N solutions evolve to help companies align with state transparency requirements while also optimizing revenue.

Smriti: Looking ahead, what can we expect from Model N in terms of innovation and product development?

Kyle Forcier:

Model N is focused on three key areas in the near term:

Transformative technologies, including generative AI and robotic process automation.
Data-powered applications and analytics.
Agile approaches and responses to constant regulatory changes in life sciences markets.

Image source: Canva

About the Author:

Kyle Forcier is the Senior Director of life sciences product marketing at Model N. He has more than 15 years of experience in the life sciences space, helping manufacturers increase their revenue, maintain compliance, and bring innovative ideas to the marketplace. Forcier has expertise in strategic pricing and rebating strategy, gross-to-net reporting, distribution and channel management, and field sales operations. Forcier holds a BS in finance from Bentley University and an MBA from the University of Massachusetts.