Vistex

By Bob Steller, Industry Principal – Life Sciences

Discover the secret to success for planning, executing—and winning—profitable bids

Did you know that 85% of revenue in the medical technology market comes through bids and tenders? For Life Sciences companies like yours, one key to building and expanding your business is mastering the art and science of bid management.

Bid preparation takes time and resources, and with so much riding on the results, it’s important to get it right. Having an effective process, as well as the right tools, ensures you get the results you want.

The 6 key steps in an end-to-end integrated approach to managing bids and offers.

Plan What’s your strategy? Whether you want to penetrate new markets, build market share or just protect your position, you need to gather all the basic data about your bids and understand your full landscape.

Evaluate Study the bids and select the ones for response. Use pri…

By Bob Steller, Industry Principal – Life Sciences

Achieving a true net price of a product is a challenge for Life Sciences manufacturers. Gross-to-Net (GTN) is not a simple auditing of compliance and deducting a mix of rebates, discounts, and other reductions. In fact, it’s much more than a process and tool. GTN has a significant value for the products you have and the ones you’re about to launch. You can say, it has a profound impact on your entire business.

Don’t put a cookie cutter in the mix.

The greatest deficit you carry is trying to fit your accruals into a cookie-cutter process. And if you think a link of well-thought spreadsheets is original and therefore a solid option, think again. Your 1 or 2 dozen linked spreadsheets each department labored over will eventually make for a harried CFO and a recipe for disaster in achieving accuracy. As pricing complexities grow, you’ll realize (if you haven’t already) that GTN is never cookie-cutter.…