I-many Unveils New Contract Management Software Suite For Life Sciences
I-many, Inc. (NASDAQ:IMNY), a leading provider of contract management software and services for the enterprise, introduced its new I-many Contract Management Suite for Life Sciences™ at a major customer event in Philadelphia, which was attended by over 40 major pharmaceutical companies including 11 of the top 12. Built on I-many's leading edge services-oriented architecture (SOA), the new I-many Contract Management Suite for Life Sciences spans the entire contract management continuum, from the core functions of contract authoring and compliance to sophisticated analytics and business intelligence—all in a single, integrated platform.
"Most contracts in the pharmaceutical industry today are authored through informal processes, including a number of modifications that introduce unique terms around rebates, chargebacks, incentive programs and other complex financial calculations, and are inevitably still stored on paper," said Joel Winterton, an industry thought-leader and the owner of SET Enterprises. "This out-dated approach is costing life sciences companies millions of dollars in incorrect rebates, chargebacks and incentive claims annually. Duplicate prescription submissions and expired eligibility alone significantly reduce profits, and ultimately lead to costly financial penalties."
"The effectiveness of direct sales, physician education and direct-to-consumer advertising as strategic marketing tools for life sciences companies has begun to plateau," said David Blumberg, executive vice president of fulfillment services for I-many. "Our new I-many Contract Management Suite, with its powerful analytics and integrated platform, represents a potent solution to better understand new opportunities and reduce administration costs. The bottom line is that without in-depth command over government and insurer-mandated contracts, life sciences companies are exposed to lost revenues, compliance penalties and flawed forecasting."
John Rade, president and CEO of I-many explained, "Through many years of working closely with almost every major pharmaceutical company, I-many has developed an unprecedented level of insight and understanding into the challenges, opportunities and needs of the industry," said John Rade, I-many's president and CEO. "The I-many Contract Management Suite for Life Sciences is a major landmark for I-many. It is a scalable, robust and comprehensive solution which reflects our commitment to investing in leading edge technology, and more importantly, preserving our customer's long-term investment in I-many."
As the industry's most comprehensive solution, the I-many Contract Management Suite for Life Sciences manages hundreds of billions of dollars in corporate contracts, revenue and pricing agreements for pharmaceutical companies implementing the solution. With the continued introduction of complex government programs and regulations, like the recent roll-out of the Deficit Reduction Act and Medicare Part D, the strategic importance of contract management has greatly increased. Moreover, the steep increase in the overall cost of healthcare and the number of people in the U.S. that rely on the government for health services is further heightening the demand for software solutions that reduce the massive cost of pricing, distribution and government contracts.
The I-many Contract Management Suite for Life Sciences directly addresses the challenges faced by life sciences companies as they navigate this complex regulatory environment. I-many is one of the first providers in the industry to deliver specialized analytic solutions that allow life sciences companies to gain insight into the often sweeping affects of their past, current and proposed future contracts. This advanced insight allows them to adjust corporate strategies in order to better forecast and optimize performance.
The core modules of the I-many Contract Management Suite for Life Sciences include several solutions specifically developed to handle the industry‘s most pressing issues. All the modules are built on a common foundation, I-many's ECMF, which combines enterprise class security, robust and scalable J2EE platforms and an industry standard database aligned in a true service-oriented architecture (SOA). Because I-many's ECMF allows all information, including metadata and documents, to be stored, accessed and managed using a common infrastructure across all its modules, the solution enables users to capture data once and use it repeatedly across the enterprise. The I-many Contract Management Suite for Life Sciences initially includes:
- I-many Contract Authoring™ – A comprehensive and automated tool for the creation, approval, storage and management of all contracts.
- I-many CARS® NG – A specialized system for managing rebate contracts and chargebacks for the life sciences industry providing core functionality common to all commercial contracting operations. The solution is extendible for prescription-level validation by incorporating I-many Validata, as well as for direct-sale rebates, chargebacks and formulary management, and flexible with the ability to configure complex rebate agreements and incentive structures. The solution also creates and maintains audit trails throughout the process, which is critical for meeting the requirements of Sarbanes-Oxley 404 compliance.
- I-many Medicaid Rebates™ – The industry's only complete solution for managing the full spectrum of federal, state and supplemental government-mandated programs. I-many Medicaid Rebates products automate the management and clerical tasks of the government-mandated Medicaid Drug Rebate Law for both Federal and State programs.
- I-many Government Pricing™ – A tool for quickly and efficiently calculating, monitoring and complying with all government-mandated pricing and reporting requirements established by government programs including the Medicaid Drug Rebate Program, Federal Supply Schedule, and Veteran's Health Care Act of 1992.
- I-many Validata™ – An integrated solution for rebate claims validation down to the prescription-level that can be used for Managed Care, Medicare and Medicaid rebate processing.
- I-many Medicaid Analytics™ – A powerful tool that enhances and dramatically streamlines the Medicaid contract analysis process, Medicaid Analytics allows life sciences companies to perform various "what if" analysis on Medicaid, supplemental and state programs. This offers unparalleled insight into the impact of changes to average manufacturing price (AMP), best price (BP) and other parameters on Medicaid liabilities. With the solution, manufacturers are able to make better and more-informed decisions about Medicaid accruals and related financial projections.
- I-many CARS® BI – An advanced reporting tool that utilizes the power of business intelligence to extract a large variety of comprehensive reports and information. The solution is designed to provide simplified access to the I-many CARS NG contract, membership, submission, adjudication, settlement, and settlement method information needed to support a wide array of operational and administrative reports.
I-many (NASDAQ:IMNY) is the leading provider of contract management software and services for the enterprise. With more than 280 customers across 21 industries worldwide, I-many is enabling businesses to manage the entire contract lifecycle, from pre-contract processes and contract management to active compliance and contract optimization. The result is an end-to-end solution that provides enterprises with greater levels of insight into contract performance, allowing companies to improve profitability and achieve measurable return on investment. For more information, please visit www.imany.com.
Source: I-many