Polaris and I-many Partner to Help Emerging Life Sciences Companies Adapt to Changes in Government Price Regulation
Today, I-many, Inc., a provider of Contract Lifecycle Management and Revenue Optimization software, and Polaris Contracting Solutions, a management consulting firm providing pharmaceutical and medical device companies with health care law compliance, consulting services and solutions, announced a new strategic alliance which will provide an outsourced Government Pricing solution.
Through this partnership, emerging life sciences manufacturers can gain the advantages of a Government Pricing (GP) system, based on industry best practices, with the benefits of a Business Process Outsourcing (BPO) model. The partnership leverages Polaris' deep subject matter expertise in Government Pricing and outsourcing and I-many's ContractSphere enterprise software applications, which is a standard for life sciences companies. The result is a service that delivers a cost-effective, outsourced Government Pricing solution for smaller companies.
According to Andy Bender, Polaris' President, "The proposed healthcare legislation will impact nearly all prescription drugs. Companies will face increased scrutiny as Average Manufacturer Price (AMP) replaces Average Wholesaler Price (AWP) as the basis for prescription reimbursement. The increased scrutiny will require updates to existing policies and processes. In addition, in order to save costs, companies are shedding routine functions to focus on core competencies. Polaris will perform all the day-to-day GP functions, enabling clients to focus on analytics and growth."
I-many currently serves 21 of the top 25 pharmaceutical companies in the world. "I-many offers the leading enterprise applications in life sciences revenue management, including Government Pricing," said Brian Sterrett, Vice President of Global Channels and Partners for I-many, "but many of our customers also want trusted experts to help shape their policies and design processes for the new regulatory environment. Polaris has a solid reputation for advising leading life sciences firms and has displayed an impressive system integration and business process outsourcing capability. By collaborating on applications and technology, we are both better equipped to help our customers succeed."
Polaris currently provides BPO services to over 30 pharmaceutical companies. Through the partnership, Polaris will provide a hosted solution that leverages I-many's end-to-end software solution and Polaris' subject matter expertise to enable companies to comply with all Government Pricing regulations.