EncompaaS debuted a novel Contract Validation and Analytics (CVA) tool for pharmaceutical manufacturers to automate the extraction, analysis, and the comparison of formulary data against contractual terms.
Developed originally for a leading global pharmaceutical manufacturer, the AI-powered solution is designed to automate the discovery of missed revenue opportunities and gain a competitive edge in drug pricing and placement.
“With our CVA tool, pharmaceutical companies can, in near real-time, identify misalignments between contracts and formularies that previously took weeks of manual work or went unnoticed, whether it’s a drug listed in the wrong tier, one flagged incorrectly with prior authorization, or not listed at all,” says David Gould, CCO of EncompaaS. “Every one of these is a potential revenue win.”
Key takeaways:
· The EncompaaS CVA tool enables pharmaceutical manufacturers to automatically analyze thousands of formularies, comparing them against contract terms to pinpoint inconsistencies that may lead to lost revenue or compliance risks.
· Using the CVA tool, pharmaceutical manufacturers can identify the type of formulary (i.e. tiered, preferred, preferred/excluded with alternatives, etc.); extract relevant drug entries, including those missing from the formulary and competitors’ drugs; enrich those drug entries with information about the drugs’ manufacturer, branding, biosimilars, etc.; visualize extracted entries in a dashboard and export them to Excel for further analysis; and validate whether formulary listings align with contract terms, such as, is the drug listed as contracted.
