AbbVie can now answer contract questions in minutes instead of weeks

Industry

Healthcare Distribution

Key Results:

  • Answer contract questions and provide information in minutes instead of days or weeks
  • Eliminated the need for in-house manual data entry
  • Enhanced contract management and can proactively fulfill obligations to business partners
  • Eliminated revenue leakage due to over- or under-billing, missed discounts/rebates
  • Aligned government and commercial accounts to ensure accurate application of rebates
“Since we’ve gone live with Pramata, we’ve generated a lot of excitement and adoption around the solution, and our team is seeing huge strides in our contract reporting capabilities.”
Michael Richardson
National Account Director, AbbVie

Executive Summary

As a global pharmaceutical leader, AbbVie (formerly Allergan) faced a new set of challenges across an expanding and diverse portfolio of customers. AbbVie, which recorded over $45 billion in revenues in 2020, cited rapid growth and complexity of commercial relationships as catalysts for seeking an automated solution to enhance contract management capabilities and revenue control.

With Pramata, AbbVie takes a complex and diverse array of contractual agreements, efficiently captures the important terms of those agreements and delivers this information in the most useful and actionable way to stakeholders with key roles in managing the company’s contract commitments and billing accuracy.

  • Answer questions and provide information in minutes instead of days or weeks

  • Eliminated the need for in-house manual data entry

  • Enhanced contract management and proactively fulfill obligations to business partners

  • Eliminated revenue leakage due to over- or under-billing, missed discounts/rebates

  • Aligned government and commercial accounts to ensure accurate application of rebates


CHALLENGES

  • Mostly manual process to manage complex contract terms created big questions for Finance teams as to how much a customer should be invoiced

  • Accessing correct pricing terms required a lot of manual search to find and match the correct terms to the billing system

  • Back-end discount management application left a lot of heavy lifting data entry to the AbbVie staff

  • Fragmented, manual process led to quickly outdated and inaccurate information

SOLUTION BENEFITS

  • Pramata team digitizes documents, understands nature of the terms and conditions, normalizes data, and keeps customer pricing information updated daily

  • Removed drudgery of manual data entry and enabled more strategic focus for contracts and pricing team

  • Eliminated occurrence of revenue leakage due to over- or under-billing, missed discounts/rebates and more

  • Aligned government and commercial accounts to ensure accurate application of rebates, reducing the risk of overlooked terms and penalties

Discover a better way to manage your contracts.

See the radically simple contract management solution that has been trusted and vetted by some of the largest companies in the world for over 15 years.