Covance, Inc. has launched a new service offering focused on providing support to manage contracts for biopharma and medical device clients in managed markets. Steve Medina, vice president of Managed Market Services, will lead these efforts.
Covance's managed markets service aims to help clients improve controls and management of contract terms and associated payments. The new service also aims to help clients obtain higher market share by gaining better visibility into contract performance with managed care organizations, group purchasing organizations, federal and state programs, and wholesalers.
"Covance is pleased to have invested in the expertise and technology to help biopharmaceutical and medical device clients prevent significant annual revenue losses from insufficient oversight of the contracts that are used to negotiate price and formulary placement with insurance companies, wholesalers and the government," said Marc Ginsky, vice president and general manager, Covance Market Access Services. "These contracts have become increasingly complex over the past several years and the acquisition and maintenance of the talent and technical infrastructure required to set up, maintain, and manage contracts without revenue leakage is a significant struggle for our clients."