Model N, the leader in revenue optimization and compliance for life sciences and high-tech companies, launched new generative AI (GenAI) and expanded data capabilities to strengthen its core product suite. Integrating GenAI and intelligent data into the company’s Channel Data Management, Formulary Compliance, and Provider Management solutions showcases Model N’s strong commitment to delivering continuous innovation and excellence to the world’s most innovative brands in life sciences and high tech.
“The opportunity to harness the power of GenAI and intelligent data to help our customers drive revenue growth, strengthen compliance, and achieve market success couldn’t be greater. As we look ahead, continuing to innovate with AI technologies in our product portfolio remains a top priority – empowering our customers to deliver life-changing products,” said Suresh Kannan, Chief Product Officer, Model N.
Bolstering Channel Sales by Leveraging GenAI
Model N’s new generative AI Catalog Discovery is a part of its Channel Data Management solution that effectively helps high tech companies manage revenue from indirect sources. GenAI Catalog Discovery automates point-of-sale (POS) data processing, converting unstructured product descriptions into structured, actionable data, regardless of language. High-tech manufacturers can use the AI output to identify how their products are used and bundled for consumption. This helps optimize product bundles for increased channel sales and market share.
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Additionally, the company launched a web-scraping component for Catalog Discovery, a critical capability for e-commerce. This capability enables automatic collection of channel data from e-commerce sites, eliminating the need for manual data gathering—thus automating and enriching a customer’s product catalog.
Expanding Data for Best-in-Class Formulary Coverage
Model N’s recently launched data & analytics solution, Formulary Compliance, continues to expand its formulary coverage. Designed with broader market input, Formulary Compliance grants pharma companies access to a comprehensive, reliably sourced, and maintained formulary database, offering valuable insights into compliance trends to support customer negotiations.
Through expanded data sets, our solution now covers 120 million patients – representing 75% of all covered lives in the U.S. – with mapped plan-to-formulary identification. This unmatched level of coverage differentiates Model N as a best-in-class solution by identifying formulary non-compliance with certainty. Formulary Compliance demonstrates the power of combining Model N’s market-leading revenue management solutions with data intelligence to deliver innovative solutions that address complex market challenges in life sciences.
SOURCE: GlobeNewswire
