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Life sciences manufacturers typically secure the business of key customers and distribution channels through contracting. However, as health care cost containment pressures continue to grow, the need to aggressively contract with payors, wholesalers, and Group Purchasing Organizations (GPOs) has intensified. As a result of aggressive and creative contracting, terms such as back-end rebates, charge-backs, up-front discounts, and enumerable combinations have proliferated. However, life sciences manufacturers' back-end processing capabilities to handle the complexity and volume of contracts have not kept pace. Without close monitoring of contracts, companies are exposed to a slow, unsuspected leakage of profits. Life sciences companies need to build strong processes and infrastructure for contracts administration to avoid inefficiencies and organizational risks.
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