Sixty-Three Percent of Emerging Life Sciences Companies Outsource Government Pricing Capabilities to a Third-Party Vendor Rather than Implement a System In-House
Trinity Life Sciences, a leader in global life sciences commercialization solutions, announced launch of Government Pricing (GP) services within TGaS Advisors. The new services help pre-commercial and emerging life sciences companies develop their GP policies and methodologies and provide support for ongoing GP calculations. Because drug pricing in the U.S. remains at the forefront of debates in Congress, rules and regulations continue to be dynamic, which poses compliance risks for drug manufacturers. GP calculations can also have a significant impact on a company’s bottom line if not carefully considered.
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“How do/should other life sciences companies do it?”
A new TGaS report entitled, Demystifying Government Pricing: A Lens into Industry Best Practices details how to ensure compliance, consistency and operational efficiency for Government Pricing teams. The report finds that 63 percent of emerging companies outsource GP capabilities, while only 25 percent regularly review and update GP policies and methodologies. The report is available exclusively to TGaS Pricing, Contracting and Analytics network members.
“Commercial contracting and pricing strategies are fundamental to an organization’s bottom line, and government pricing calculations should not be overlooked. Emerging companies have limited resources, and we are stepping up to help them fill this vital gap,” said Dmitry Kublanov, VP, Pricing, Contracting & Analytics, TGaS Advisors a division of Trinity Life Sciences.
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Explore Trinity’s on-demand webinar for pre-commercial and emerging life science companies here, as TGaS’ Pricing and Contracting experts discuss common Government Pricing challenges that companies are facing. Topics include:
- What are the “watch outs” that companies need to be thinking about?
- How are companies resourcing to support Government Pricing calculations?
- What systems are being used?
- What validation methods are employed prior to submitting calculations?
- What approaches are companies using to mitigate risk?
TGaS Advisors’ benchmarking and advisory services offer access to industry experts and the TGaS Client Network, fact-based answers grounded in unbiased comparative information and practical, actionable advice to achieve operational excellence. TGaS Advisors helps clients answer the question, “How do/should other life sciences companies do it?” regarding organization structure, resources, processes, people, technology and vendors.
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