When Dr. Subramanian founded Novel Labs, his vision was to create and grow an R&D organization. As the company grew, that vision evolved, and Novel entered the business of marketing. This shift opened up a number of new opportunities, but it also meant that the company acquired a very different set of requirements to meet in terms of record keeping and business process automation. Novel now needed to find a solution that enabled them to efficiently manage their contracts and chargebacks (CCB). CCB management is critical in the pharmaceutical industry, as it directly affects the financial bottom line of both manufacturers and distributors.
The implementation began on July 1st, and Novel went live on CDC Ross ERP solution on October 1st. Not only did the company meet its aggressive implementation window, it also showed the following results:
- Automated its contracts/chargebacks process and audit trail management
- Established controls to better validate, track and process all chargeback submissions, reducing overpayments and ensuring regulatory compliance
- Strengthened data quality, consistency and accuracy
- Provided a strong foundation for business growth and expansion
- Created a source of competitive advantage in a highly competitive business
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