Many industry-specific and internal drivers compel medical device manufacturers to evaluate enterprise contract management systems. Regulatory pressure on pricing and reimbursement is significant and likely to increase. However, there are considerable opportunities to optimize revenue through better management of revenue leakage, says John Rade, CEO of I-many Inc. (Edison, NJ).
Rade's company is working to provide services to help OEMs realize such revenues. It has expanded its contract management software suite to support the medical device market. The Contract Management Suite for Life Sciences uses the same architecture as I-many's contract management framework, but can specifically address the issues facing medical device firms within the entire contract management continuum.
“The regulatory environment is becoming more stringent and we expect that medical device companies will have to deal with the same complex contracting and compliance issues that challenge pharmaceutical companies today,” Rade explains. “We are working with several customers now on their specific needs and requirements to address these issues.”
According to Rade, to achieve their goals, medical device companies need to implement comprehensive contract management software, not only to remain compliant with heavy and increasing regulatory pressures, but also to realize increasing revenue in a highly competitive industry. He says software should be able to manage hundreds of billions of dollars in corporate contracts, revenue, and pricing agreements. And, he says, it should directly address the concerns specific to the medical device industry.