Global economic volatility is the new reality within the life sciences industry and businesses face 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.
It is estimated that the life sciences/pharmaceutical industry could lose $100 billion in sales due to the patent cliff.
Pharma companies need to look for opportunities to optimize costs, convert fix cost to variable cost models, improve efficiency and productivity while adhering to stringent regulations. Companies are also increasingly recognizing that Business Process Outsourcing (BPO) can play a key role in attaining their business objectives.
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.
In addition, as these companies are looking to expand into emerging markets, partnerships will play a key role in expanding the infrastructure in these regions and addressing local demands ensuring improved speed to market.
Fortunately, these times of volatility and changing market conditions also provide opportunities to explore a variety of approaches to improve performance. Pharmaceutical, biotech and medical devices companies that consistently perform well in this environment are those that have demonstrated the ability to anticipate change, the dexterity to adapt to new conditions and the spirit to innovate and produce new solutions. We call them ‘intelligent enterprises’.
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, helping you chart a course to greater process accuracy and overall improved outcomes. We call this Smart Enterprise Processes (SEPSM).
SEPSM is an uncompromisingly logical yet unique methodology that employs 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 to 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 re-engineering 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 both 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, employing innovative methodologies, policies and software tools to improve agility and operational performance. We provide a wide range of Business Process Outsourcing (BPO), transformation 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. Finance and Accounting [F&A]
Genpact services 10 of the top 15 life sciences companies. More than 25 life sciences companies partner with Genpact for enterprise process optimization, process re-engineering, analytics, Finance & Accounting (F&A), human resources services, contact center solutions, procurement services, access and reimbursement services et al.
We partner with clients to help them achieve business transformation goals. We benchmark client’s business processes and optimize to transform into best-in-class function within the pharmaceutical industry.
Genpact and AstraZeneca reveal what it takes to work together – Five keys to successful collaboration.
In this report, HfS examines how to build a collaborative partnership, specifically through the lens of an industry prototype that Genpact and AstraZeneca have established together. Click here to read more
Genpact serves more than 95 F&A clients around the world and offers dedicated life sciences and pharmaceutical specialists focused on maximizing F&A with end-to-end improvements that accelerate cash flow and help you control costs. Procurement/Source to Pay
The Outsourcing Center presented the 2012 Outsourcing Excellence Award for "Best F&A/Procurement" engagement to Genpact and AstraZeneca.
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 Source to Pay 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 toward 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. It is imperative for companies to find stronger Access & 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 in a more cost effective manner.
Genpact provides a range of Access and Reimbursement services to address life sciences companies’ challenges and requirements. Our services portfolio spans across 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 et al.
Genpact provides a comprehensive range of analytics services across life sciences spectrum bringing about efficiencies and innovation in delivery to clients. Our life sciences analytics offers analytical insights to enable decision making and strategy creation to address the complex market dynamics in today’s business environment. Our solutions enable CXOs to 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 has been named as 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 a variety of channels such as web, text and voice, helping you improve service, reduce costs, and answer inquiries received from patients, physicians and other healthcare professionals. Combined 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 American Payroll Association. Axis 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.