Model N Report Highlights Top Priorities and Challenges in MedTech Industry
A recent report by Model N has shed light on the top priorities and challenges faced by executives in the life sciences and high-tech industries. The 2024 State of Revenue Report emphasizes the importance of process efficiency and cost-saving measures for these executives, with a particular focus on utilizing advanced analytics and artificial intelligence (AI) to achieve their goals. The report also highlights the significant obstacle of supply chain disruption that is hindering innovation across various sectors.
In the pharmaceutical manufacturing sector, executives are raising concerns about the impact of regulations on future revenue. Specifically, they are anticipating a substantial revenue impact resulting from price negotiations with Medicare under the Inflation Reduction Act. Additionally, a staggering 94% of pharmaceutical executives have reported challenges with formulary validation.
Rehmann Rayani, Chief Strategy and Marketing Officer at Model N, emphasizes the pivotal role of AI and analytics in facilitating a new era of revenue optimization and compliance in the life sciences and high-tech industries. The report further indicates that while 60% of executives do not consider their organizations to be very data-driven, almost every executive surveyed relies on external data resources to inform their business decisions. This highlights the immense potential for leveraging data-driven insights to maximize revenue and maintain compliance.
The report offers valuable insights into the medtech industry, shedding light on the priorities and challenges faced by executives. Its findings indicate that process efficiency and cost-saving measures are at the forefront of their concerns, with a strong emphasis on harnessing advanced analytics and AI technologies to achieve these objectives. Moreover, supply chain disruption has emerged as a major barrier to innovation across all industries.
Specifically within the pharmaceutical manufacturing sector, executives are apprehensive about the potential impact of regulations on their future revenue. The looming price negotiations with Medicare under the Inflation Reduction Act are expected to have a significant financial effect. Additionally, a vast majority of pharmaceutical executives are struggling with formulary validation.
Rehmann Rayani, the Chief Strategy and Marketing Officer at Model N, highlights the transformative power of AI and analytics in driving revenue optimization and compliance. Although a substantial proportion of executives do not consider their organizations to be highly data-driven, they heavily rely on external data resources to inform their decision-making processes. This underscores the potential for leveraging data-driven insights to boost revenue and ensure compliance.
Overall, the Model N report provides valuable insights into the priorities and challenges faced by executives in the medtech industry. By focusing on process efficiency, cost-saving measures, and the integration of advanced analytics and AI technologies, organizations can strive for revenue optimization and maintain compliance. Additionally, addressing the issue of supply chain disruption is essential to foster innovation across all industries.
