SAN MATEO, Calif.--(BUSINESS WIRE)--
Model
N, Inc. (NYSE: MODN), the leader in cloud-based revenue management
solutions today announced that it has partnered with ICU Medical
(NASDAQ: ICUI)—a worldwide leader in the development, manufacture, and
sale of medical devices—to modernize and combine that company’s legacy
revenue systems in the cloud with Model N Revenue Cloud for MedTech.
The implementation of Model N’s revenue management solution was part of
ICU Medical’s strategic worldwide initiative to consolidate their
manufacturing and distribution centers and implement new quoting and
sales compensation systems following the acquisition of the Hospira
Infusion Systems business from Pfizer in 2017. The global revenue cloud
implementation required the conversion of master data, contracts, and
historical transactions and reports from three legacy systems: Hospira,
ICU U.S., and ICU Canada.
“Model N’s revenue management solution is getting very positive feedback
from both legacy Hospira users as well as new ICU Medical users,” said
Mark Anderson, SVP Global Services at Model N. “With the tremendous
growth in this industry—led by an aging population reliant on the care
provided by advanced medical devices—we’re happy to be at the forefront
of providing cloud solutions to ease the challenges these companies
face.”
The global medical devices and technology market is projected to grow by
$119 billion at 5% CAGR during 2018-2022, according to a December 2018report.
Companies like ICU Medical are seeking solutions to help them gain
visibility and ensure regulatory compliance to more effectively manage
and maximize their growing revenue.
About Model N: Model N (NYSE: MODN) is the leader in revenue
management solutions. Driving mission-critical business processes such
as configure, price and quote (CPQ), contract and rebate management,
business intelligence, and regulatory compliance, Model N solutions
transform the revenue lifecycle from a series of disjointed operations
into a strategic end-to-end process. With deep industry expertise, Model
N supports the complex business needs of the world’s leading brands in
pharmaceutical, medical device, high-tech manufacturing, and
semiconductor across more than 100 countries, including Johnson &
Johnson, AstraZeneca, Novartis, Microchip Technology and ON
Semiconductor. For more information, visit www.modeln.com.
Model N® is the registered trademark of Model N, Inc. Any other company
names mentioned are the property of their respective owners and are
mentioned for identification purposes only.
About ICU Medical:ICU Medical, Inc. (Nasdaq:ICUI) develops,
manufactures and sells innovative medical products used in infusion
therapy and critical care applications. ICU Medical's product portfolio
includes IV smart pumps, sets, connectors, closed system transfer
devices for hazardous drugs, sterile IV solutions, cardiac monitoring
systems, along with pain management and safety software technology
designed to help meet clinical, safety and workflow goals. ICU
Medical is headquartered in San Clemente, California. More information
about ICU Medical, Inc. can be found at www.icumed.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190214005248/en/
Sherri Walkenhorst
801.373.7888
swalkenhorst@modeln.com
Source: Model N, Inc.