hree Bridges, N.J.–(BUSINESS WIRE)—July 30, 2007 — iContracts, a leading provider of solutions for managing contracts, commitments, and government compliance, today announced availability of the latest versions of its solutions to manage the complete lifecycle of Chargeback, Rebate, Medicaid and other incentive based agreements common to the Life Science industry as well as fully integrated solutions for insuring government compliance and claims validation. iContracts’s Better Contracting Solutions (BCS) platform and accompanying modules, including iContracts Core, Rebate Payer, Chargeback Payer, Medicaid Payer, RxScrubber, and GPMonitor help companies dramatically simplify processes, improve security and reporting, and deliver unprecedented flexibility to easily add new capabilities as specific company needs and the needs of the industry evolve. Only iContracts delivers better, faster, and more cost effective solutions for Life Science companies in search of alternatives to inflexible, expensive options of the past.
“iContracts is off to an amazing start”, commented company president Erik Sieverding. “In a few short months, we have entered into seven new agreements with leading companies in search of solutions that are simply better, faster and profoundly more cost effective than existing or promised alternatives. Our early wins are all the more impressive given the competition and in some instances displacement of companies such as I-many™, Inc. (NASDAQ: IMNY) and Model N™. Most striking is the running theme that pharmaceutical manufacturers truly want to partner with a company that is as easy to work with as its products are easy to use and implement. The market is speaking and iContracts is that partner.”
All iContracts solutions are available as an “on demand” service or as a behind-the-firewall offering and are all built on iContracts’ revolutionary BCS platform featuring a highly evolved data architecture, rich functionality and Simplified Common User Interface (SCUI) enabling users to execute processes after learning just two basic web page formats. This groundbreaking design drastically reduces implementation, training and upgrade timeframes and costs. iContracts offers pricing options that include no up-front license fees, yearly subscriptions that are generally 50% to 90% less than costly alternatives and implementation times and fees that are a mere fraction of the cost of other solutions. Initial implementation experience suggests that the overall cost of ownership for a more modern, flexible, integrated and easy to use solution from iContracts may ultimately be less than other solutions by a factor of 10 for small to mid-size companies and more for large companies.
Joann Gioia, Senior Manager of Contracts and Chargebacks at American Regent Inc., an early adopter of iContracts solutions commented, “iContracts’ approach to solution delivery, anchored by the iContracts BCS platform, is light years ahead of the competition, delivering new capabilities and virtually unbounded flexibility for American Regent today and well into the future. ”
This type of reaction, according to iContracts Chief Technology Officer Omar Bey, is typical of the many companies who are embracing iContracts as their partner of choice. “Over the years, Pharmaceutical and Life Science companies have become jaded by the reality of unwieldy data models, inefficient code, poorly conceived user interfaces and the enormous price tags associated with managing contracts and compliance. People are simply amazed that these complex processes can be managed in such an intuitive and straightforward manner. By focusing on this acute need for simplifying complexity, we have struck a chord that is propelling iContracts well ahead of our anticipated adoption curve.”
About iContracts
iContract’s goal is simple – to deliver better solutions for managing contracts that are faster, easier and less expensive to implement. This mantra is reflected in everything we do. Our software is generations ahead of other solutions, powered by a Simplified Common User Interface (SCUI) that makes every user an “expert” by learning just two simple, reusable views and backed by the most highly evolved data architecture in the industry – built by technologists with more experience in building contract management solutions for the Life Sciences industry than anyone on the planet! This deep understanding and straightforward approach shows in everything we do. I-Contracts comprehensive suite of solutions manages all aspects of a Life Science company’s chargeback, rebate and Medicaid processes as well as other incentive agreements and Government Pricing compliance at all levels. Our solutions are enterprise-class and can be quickly and easily integrated with any off-the-shelf or custom system to meet exacting business requirements without the army of consultants and endless fees associated with other products and providers. For more information, please visit www.icontracts.com.
This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include: the risk of unforeseen technical or practical impediments to planned software development and other risk factors set forth from time to time by the Company.
CONTACT: iContracts, Inc.
Anne Ambrosio, 908-393-9550
aambrosio@icontracts.com