Vistaar Price Management Solutions for Retail Pharmacy
Retail drug companies, whether part of a chain drug store, supermarket, or mass merchant, are caught in a three-way profit squeeze: first, negotiating lower costs from the drug manufacturers; second, managing reimbursements from third party insurance providers; and finally, optimizing market prices to increase sales and profits.
Vistaar’s Retail Pharmacy Pricing Solution is the only packaged software managing pricing decisions across the pharmaceutical value chain, from market pricing for cash customers to third party agreements.
Cash Pricing Solution Capabilities Include:
- Drug and store segmentation and clustering strategies to analyze performance and develop rules-based strategies
- Improved forecast accuracy using robust analytics and scenario planning to model the impact of proposed price changes on volume, margin and third party metrics
- Better market response using improved competitive data gathering, processing and usage
- Management reporting on profitability resulting from pricing actions, and scenario analysis to model impact of varied pricing strategies
Third Party Pricing Solution Capabilities Include:
- Single integrated third party pricing solution for all business units including price and revenue planning, price- setting and all aspects of deal negotiation and management
- Enhanced decision making using robust analytics, peer group benchmarking, volume forecasting and use of advanced price optimization
- Scenario planning to simulate changes to the pricing model and forecast assumptions such as utilization trends, inflation, etc. which impact on revenue, profit and market share
The integrated platform has workflow capabilities providing system guidance with alerts and recommendations to manage planning and approval of pricing decisions resulting in increased revenue and higher margins across the pharmacy business.
Vistaar is a leading provider of price management solutions enabling companies to achieve pricing best practices through price analytics, price optimization, price list management and deal management. Our technology transforms pricing operations into a strategic advantage for some of the world’s largest manufacturers, distributors and service providers. For these companies, Vistaar pricing solutions drive measurable price and margin improvements to deliver profitable growth and maximum shareholder value.