The life sciences industry needs to adapt its business model and operations – fast. A number of challenges, including escalating costs, expiring patents, declining sales, rising competition from generics, shrinking R&D pipeline, increasing regulatory and compliance pressures as well as insurance company price controls have created fast-moving wave of change that requires unprecedented action – and many are embracing change to stay competitive Reducing cost while chasing new geographic markets or stepping up inorganic strategies (such as acquisitions) is complex.
Leading pharma, biotech, and medical devices companies are looking to partner with external providers to optimize their global operations, including Finance & Accounting (F&A), Human Resources (HR), safety and regulatory processes, commercial operations, R&D operations as well as IT functions. This can happen through: process transformation via technology, process reengineering, or data-driven analytics; and/or a change of operating model such as in shared services, outsourcing or Global Business Services (GBS).
Genpact services 10 of the top 15 life sciences companies. More than 25 life sciences companies partner with Genpact for enterprise process optimization, process reengineering, analytics, and outsourcing for a number of functions such as Finance & Accounting (F&A), contact centers, procurement services, access and reimbursement – to name a few.
Genpact contributes to the success of intelligent enterprises by making processes work smarter and enabling more informed business decisions. Acting as an extension of your organization, we optimize your operational performance through the right mix of process, analytics, and technology.
By expanding on the expertise gained through our Lean Six Sigma heritage, Genpact has developed the science behind improved operational effectiveness - Smart Enterprise Processes (SEPSM).
SEPSM is a unique methodology that uses granular data analysis, ultra-sophisticated diagnostics, and cross-functional benchmarks to maximize process effectiveness and achieve:
- Tighter controls resulting in stringent regulatory compliance
- Faster time to market, creating stronger revenues
- Improved capacity and productivity for better cost management
Data and information are the lifeblood of the life sciences industry, but interpreting that data requires the right people and processes. Through Smart Decision Solutions, life sciences enterprises can intelligently interpret the large amounts of data they have access to and make better decisions about their business practices, resulting in stronger governance and regulatory compliance. Our analytics and reengineering professionals give you a view of where the market is going and then align process performance to more effectively target new markets, promote new drugs, and improve compliance.
Genpact believes that technology is the enabler, not the driver, of great processes and provides smart applications and solutions based on your business needs.
We are the leading provider of Global Service Desk and Remote Infrastructure Management solutions. Our IT solutions provide a quality framework delivered through GxP (Good Manufacturing or Quality Practices) and include:
- Product distribution (Oracle/SAP)
- Accounting and controllership (Oracle/SAP)
- Process testing and guidelines
- Shared service business process implementation
Genpact puts you on a straight path toward achieving your business goals, using innovative methodologies, policies, and software tools to improve agility and operational performance. We provide a wide range of Business Process Outsourcing (BPO), transformation, analytics and technology services to pharmaceutical, biotech, and medical devices companies. We work as strategic partners with clients to establish right delivery models, including co-sourcing, shared services, and outsourced delivery models.
Procurement/Source to Pay
With well-distributed global delivery locations and an extensive technology platform based on SAP, Emptoris, Ariba, IASTA, and Oracle-JD Edwards, Genpact’s experience in the source-to-pay process encompasses spend analytics, category strategy and development, vendor selection, negotiating, contracting, invoice processing, planning and purchase order issues, as well as compliance. Our solutions address the issue of tail-end spend by reducing indirect spend and putting you on the path to cost savings and greater returns.
Access and Reimbursement Services
Access and Reimbursement has never been more difficult and will continue to be a challenge with the impending healthcare reform and the need to reduce costs. The spend for such services is expected to increase year over year as companies compete for market share and access to such drugs continues to be a significant challenge. Companies must find stronger Access and Reimbursement solutions immediately to keep pace with the ever-growing need. Considering all factors in play in the eco-system, life sciences companies need to find ways to maximize their limited reimbursement resources more cost-effectively.
Genpact provides a range of Access and Reimbursement services to address life sciences companies’ challenges and requirements. Our services portfolio spans the value chain including Reimbursement Contact Center activities (Payer Verification, Policy Revivification, Injection Reminders, Medicare Part D, PAP Information, Reimbursement Verification, Dossier Check, Helpline Services), comparative studies with competitors and listed drugs, analysis of Treatment Cost Effectiveness, market research, comparative product studies, Pharmacy Benefit Management, Payer Analysis, Physician Profiling, Patient Reported Outcomes, etc.
Genpact provides a comprehensive range of analytics services across the life sciences spectrum bringing about efficiencies and innovation in delivery to clients. Our life sciences analytics offers analytical insights to makes decisions and create strategies that address the complex market dynamics in today’s business environment. Our solutions help CXOs achieve optimization. These solutions are tightly integrated with client operations and supplemented with deep therapeutic knowledge and data set expertise.
Genpact brings together four essential elements for integrated research and analytics solutions for internal and external organization stakeholders. Our key services are:
- Marketing Analytics- End-to-end marketing analytics solutions throughout the marketing lifecycle
- Research and Social Media - Holistic understanding of customer behavior, purchase patterns, issues, awareness, attitudes, and social media monitoring
- Data Management – Real-time platforms and utilities; custom-made applications; technology agnostic advisory services
- Communication - End-to-end marketing communications creative support across print, web, and digital media
Genpact was named a “leader” in leading analyst firm IDC’s report, “IDC MarketScape: Worldwide Pharmaceutical Social Media Analytics 2012 Vendor Assessment.”
Contact Center Solutions (Medical Information Center)
Genpact’s Contact Center Solutions team handles queries through various channels such as web, text, and voice, helping you improve service, reduce costs, and answer inquiries received from patients, physicians, and other healthcare professionals. Combining these services with FTE, transactional, outcome-based, and hybrid pricing models, we help clients manage costs and increase customer satisfaction.
Learning, Marketing Communication, and Research Services Our team of creative specialists provides brand-compliant targeted marketing solutions and helps to align business priorities to employee education through our Learn, Communicate, and Sell methodology. Our goal is to see that you get the most from your marketing initiatives with media monitoring and measurement services that include market research via social media and traditional channels and 24/7 monitoring support to augment conventional market research methods.
Human Resources (HR) Services
Our HR team serves more than half a million global employees with “Hire to Retire” services, establishing efficient workflows and reducing errors through the use of top-line productivity tools, process optimization, and our On Demand HRMS Platform on a pay-per-use model, designed to control costs and increase revenue. Genpact's HR team is rich in external certifications from organizations such as Edexcel and the American Payroll Association.
Risk Consulting Solutions
Through Axis Risk Consulting, Genpact provides continuous control monitoring for real-time insight into the integrity of individual transactions and the overall effectiveness of controls, as well as data analytics support for compliance requirements pertaining to payments, SOX compliance, account reconciliation, contract audits, distributed controllership, and audit support.
Genpact is sponsoring and hosting a VIP cocktail reception at CBI’s 10th Life Sciences Accounting & Reporting Congress
Mar 17, 2014
Click here to know more about the conference