The Life Sciences industry is dominated by contracted sales, heavily influenced by distributors, group purchasing and managed care organizations, and government regulation. Vistex solutions provide Life Science companies with a full suite of program management capabilities for pricing, contracts, membership, chargebacks, rebates, partner fees, commissions, royalties, and government programs. These programs can impact margin in ways not easily observed without comprehensive analytics. Vistex solutions help you efficiently manage these programs and automate government compliance as an integral part of your revenue management process.
Solutions for the Life Sciences Industry
Motivate your sales force while gaining enterprise-wide visibility into commission goals, achievement and pay-outs. Performance Incentives by Vistex offers a powerful performance solution to manage all incentive and commission programs that drive behavior. Gain robust sales compensation plan management capabilities for territory, quota-setting, forecasting and incentive management. Compensate employees on the value they generate - not just the gross sales revenue - and motivate employees to achieve the true goal: growth and profitability.
Calculating patronage for franchise fees is a complex process. Lack of insight into member eligibility, retained earnings, and equitable distributions can hinder timely pay-out of profits and disbursement accuracy. Patronage by Vistex automatically calculates patronage payments to your members. Through centralized patronage processes, you can maintain, track and report on member patronage accounts and deliver an efficient automated approach to manage patronage fund disbursements and allocations.
Customer and partner loyalty is a hard earned process, and Loyalty & Rewards by Vistex makes it easy to maintain engagement via sustainable, profitable loyalty strategies that drive business performance. Empower your sales personnel and channel partners to motivate behavior and increase sales with a points-based loyalty portal. Our global rewards catalog engages participants with 300,000+ lifestyle rewards and incentives from suppliers around the world – delivered locally for seamless ordering, fulfillment and customer service.
In the dynamic and price-driven life sciences ecosystem, a significant proportion of your sales are distributed through indirect channels based on complex contracts negotiated between manufacturers and outside organizations. Automatic calculation of chargeback amounts due to distributors, with systematic validation against active contracts reduces manual errors and decreases days claims outstanding. Chargebacks by Vistex for Life Sciences is designed specifically with advanced tools to manage chargebacks from creation to final settlement.
Promotional fund programs are an excellent way for you to enable indirect marketing programs. However to leverage this investment effectively, you need an enterprise-wide structure to plan, budget, enroll, allocate monies, track utilization/spend, submit for approval, validate and settle claims/rebates. Co-op & MDF by Vistex delivers an efficient, highly automated approach to manage every aspect of your promotional fund programs. Streamline the entire process from initial set-up and configuration to tracking, validation and payment.
Rebate programs fail to meet business objectives when manual calculations, delayed settlements, and profit leakage hinders successful program deployment. With Rebates by Vistex you can automatically calculate rebates and fees due to the distributor, institution, GPO and it's members and enable approvals for all programs before payment. You have the power to model, administer, report, and analyze highly complex rebate programs, including volume, growth, and market share. Now you can analyze rebate programs ensuring profitability, conduct live simulations of system data to predict outcomes, and gain visibility into next tier achievements.
Failure to efficiently manage royalties can lead to erroneous payments, broken trust with your partners and negatively impact your bottom line. Rights & Royalties by Vistex manages inbound and outbound royalty programs, and tracks usage of intellectual property between licensors, licensees and agents. Now you can manage content and assets; exploit and identify opportunities; and track royalties related to products, technology, endorsements, media rights or joint developments. Your company can automate the recognition, accrual, calculation, analysis and settlement of rights and royalty programs from start to finish.
It can be difficult for organizations to thrive without the ability to move the right products at the right prices under the right terms and conditions. With Contract Management by Vistex, you gain a single point of entry for all programs that organizes all supporting documents and provides a full audit trail. Gain visibility into all contract changes to analyze true gross-to-net profitability. Now you measure and track contract commitments and obligations to drive visibility and accountability, enhance profit margins, and increase market share through flexible contract management.
Misaligned pricing has a direct effect on orders, deliveries, payments, true cost analysis, profitability and, ultimately, customer satisfaction. Price Management by Vistex allows you to quickly load customer price information, while enabling you to automatically calculate and validate prices against business rules. Achieve an end-to-end solution for price administration and analysis so that you can price your products confidently, rapidly notify customers of price changes, and ensure the most return on your pricing programs.
It’s critical that life science companies be able to meet stringent Government Pricing and reporting requirements. Regulatory Compliance by Vistex provides best-in-class tools to bring transparency to Government Pricing processes and compliance. Now you can enable approvals for all calculations before reporting and provide data in the proper government reporting formats. Meet your government obligations with minimal effort and minimized risk, and most importantly, with data you can trust.
Give your sales team real time access into all contract changes and accurate pricing that will help them close more business. Vistex solutions simplify business processes for contract marketing by automating and managing: contract authoring; multi-tier contracts; complex pricing and agreements; chargeback claims and adjudication; claim validation against active contracts; GPO/IDN membership; and compliance with government contracts, pricing and claim programs.
Don't let inefficient contract authoring processes and claim overpayments take a toll on your profits. It’s critical to understand the effectiveness of rebate programs, contract pricing, and government pricing, bid and tenders, and GPO contract and admin fees. With Vistex you can minimize revenue leakage and maximize profits by gaining insight into true gross-to-net profitability. Equip your finance team with a comprehensive audit trail for claim validation and compliance, and robust capabilities for forecasting and profitability modeling.
Regulatory landscape and organizational needs change rapidly in the Life Sciences Industry – can your infrastructure offer the flexibility to change with them? Vistex Solutions can help you drive better business decisions every day. Manage government compliance, contract pricing, and claim and incentive agreements within a single system to lower total cost of ownership and reduce manual errors. Now, you can empower users to quickly react to changing contracts and market conditions.