Director - Strategic Pricing and Contracting
Plainsboro, NJ, US
About the Department
The Finance & Operations department brings insights and intelligence to inform decision making & drives digitalization and business solutions to attain NNI goals. Finance & Operations works closely across the organization to guide enterprise-wide resource allocations, investment choices, drive core operations and develop insights to drive growth and operational excellence across the value chain while innovating for future capabilities. Our focus on innovation ensures we're constantly building future capabilities. We're responsible for regulating accounting, upholding workplace safety, managing our supply chain and sampling, supporting technological and data innovation, maintaining our facilities and assuring the integrity and completeness of all business transactions. At Novo Nordisk, you will have the opportunity to build a life-changing career in a global business environment. We encourage our employees to make the most of their talent, and we reward hard work and dedication with opportunities for continuous learning and personal development. Are you ready to maximize your potential with us?
The Position
Manages the entire pre-deal evaluation to contract development, negotiation (Deal to Contract) process for Novo Nordisk's top PBM/payer accounts. Acts as PCOR Account Lead responsible for leading company response from Deal to Contract (includes pre-deal assessment/analysis, development of business cases for Pricing Committee, offer development, contract development, negotiation, pre-deal forecasting and reporting of contract profitability of customer segments for all Novo Nordisk products (diabetes, obesity and rare disease products). Responsible for portfolio of accounts representing multi-billion dollars, which continue to grow in size and complexity. The individual will be responsible for National and Regionals accounts of their direct reports leveraging data from multiple sources to understand business complexities to develop the positioning and pricing of Novo Nordisk products. Works closely with National and Regional Account teams to secure market access for NN products at a profitable and sustainable price point. Presents recommendations to Pricing Committee and ensures intent of the deal is captured in the contract terms and conditions ultimately negotiated with PBM/payer customers.
Relationships
Reports to the Executive Director, Strategic Pricing & Contracting. Responsible for leading a team of 3-4 direct reports responsible for the Deal to Contract process focused on supporting National and Regional Accounts. Direct reports include Pricing Managers and Contract Managers. Partners closely with members of the Market Access account team, Market Access Strategy team, Pricing Committee, Brand Marketing, Market Access Insights, Government Contracts & Operations (GC&O) and Rebate Operations & Insights (ROI) and Legal. External relationships include: Customers, vendors, and consultants.
Essential Functions
· Pre-Deal
o Contributes to continuous improvement and accuracy of the Contract Assessment Model (CAM) to drive and inform data driven decisions from Pricing Committee. Incorporates learnings from prior deals into forward looking recommendations along with account-based forecast. Through deal models gains advanced understanding of pricing sensitivity by product, by payer and accountable for pre-deal forecasts around volume, market share, net sales at the account level. Advanced understanding of customer economics and key factors impacting customer decision-making around deals. High level of account team engagement required and ability to craft offers sufficient to secure access within Pricing Committee mandate while protecting company financials
o Implements the company’s Net Pricing Strategy (Contracting Strategy) and determines optimal net prices (via rebates/discounts/price concessions) to NNI contracted customers to secure/maintain sustainable formulary access while meeting the profitability/net sales targets for the company
o Oversees preparation of all Pricing Committee business cases and financial analyses for aligned accounts. Owns the deal evaluation process and offer development for aligned accounts – provides negotiating mandate to the Market Access account teams. Presents at Pricing Committee and Pre-PC for aligned accounts and leads review of business case and financial impact scenarios. Ensures appropriate stakeholder alignment around business cases and ensures that business cases are rigorous and independently represent best understanding of both qualitative and quantitative factors to inform PC decision. Ensures accuracy of offers, pricing terms, and timely submission of contracts to customers
o Provides regular updates for Brand Teams and Senior Management on contract performance issues, including over- and under-performing contracts
o Analyzes the impact on pricing decisions on ARP/profitability
o Owns the financial assessment of aligned National and Regional Accounts
o Leads collaboration meetings with Strategy team, where SPC and Market Access Strategy align on requests for information, scenario modelling and other ad hoc analysis
o Provides peer guidance on approach for payer modeling to other SPC Leadership Team members, and acts as back up support for Executive Director
· Contract Development
o Manages Contract Managers responsible for authoring contract templates for legal review and approval. Directs Contract Development process for aligned accounts - drafts, develops, and negotiates contract language with contracted customers. Assures contract terms, language, definitions, characterizations, and categorizations are consistent with NNI Contracting Strategy and reflect the intent of the deal while fully compliant with all legal and regulatory guidelines (in collaboration with legal counsel). Develops solutions which mitigate NNI’s risk while ensuring NNI can maintain market access via contracting for formulary position. Apprises senior leadership of key risks of major contracts. Successful contract negotiation is vital to achieving NNI’s Market Access goals and timing of contract execution is critical path for field team’s pull through efforts
o Proactively seeks buy-in from key stakeholders and engages in continuous communication regarding deal to contract status
o Sits on a cross-functional/cross-department team that serves to improve the ability of the Strategic Pricing team to make better, more accurate and faster decisions
· Contract Development
o Responsible for development and execution of Value Based Contracting (VBCs) supporting new innovative contracting pilots. Responsible for working closely with Market Access Innovation team on VBC structure
o Collaborates with other groups within PCOR and across other internal NNI groups to ensure proper pricing and product information is being used
o Supports business and analytical expertise in the development of tools and methods that will result in more accurate customer profitability assessment and decision-making
o Trains and mentors new team members in the areas of systems, processes, analytic models and presentations
o Works with Pricing Insights to compile, communicate and forecast all contracting events for aligned accounts impacting the company forecast (rebate and volume)
Physical Requirements
10-20% overnight travel required.
Development of People
Supervisory. Ensure that reporting personnel have individual development plans (IDP), with annual goals and measurements that are consistent with the priorities of the business, and that interim reviews are held so that their work is focused on those priorities, and they understand their level of accountability for results and the measurement process. Ensure that the IDP forms include completed learning and aspiration plans and are in place for all reporting personnel to enable the achievement of goals and capability to assume increased levels of responsibility. Manage the application and communication of all Novo Nordisk policies, procedures, and Novo Nordisk Way.
Qualifications
· A Bachelor’s degree required; relevant experience may be substituted for degree, when appropriate
· A minimum of 10 years relevant experience in the areas of pricing, contracting, forecasting, and financial modeling required. Pharmaceutical experience preferred
· Requires a minimum of 2 years ' supervisory experience
· Advanced analytical, quantitative, and qualitative analysis skills required
· Advanced proficiency in Microsoft Excel, Access, PowerPoint and other key platforms
· Ability to deliver message and presentations to executive audience in a clear, confident manner
· Ability to interact and manage multiple internal relationships at all levels of the business
· Demonstrated leadership skills
· Demonstrates an ability to manage and influence to ensure business objectives are met
The base compensation range for this position is $181,670 to $317,920. Base compensation is determined based on a number of factors. This position is also eligible for a company bonus based on individual and company performance.
Novo Nordisk offers long-term incentive compensation and or company vehicles depending on the position's level or other company factors.
Employees are also eligible to participate in Company employee benefit programs including medical, dental and vision coverage; life insurance; disability insurance; 401(k) savings plan; flexible spending accounts; employee assistance program; tuition reimbursement program; and voluntary benefits such as group legal, critical illness, identity theft protection, pet insurance and auto/home insurance. The Company also offers time off pursuant to its sick time policy, flex-able vacation policy, and parental leave policy.
We commit to an inclusive recruitment process and equality of opportunity for all our job applicants.
At Novo Nordisk we recognize that it is no longer good enough to aspire to be the best company in the world. We need to aspire to be the best company for the world and we know that this is only possible with talented employees with diverse perspectives, backgrounds and cultures. We are therefore committed to creating an inclusive culture that celebrates the diversity of our employees, the patients we serve and communities we operate in. Together, we’re life changing.
Novo Nordisk is an equal opportunity employer. Qualified applicants will receive consideration for employment without regard to race, ethnicity, color, religion, sex, gender identity, sexual orientation, national origin, disability, protected veteran status or any other characteristic protected by local, state or federal laws, rules or regulations.
If you are interested in applying to Novo Nordisk and need special assistance or an accommodation to apply, please call us at 1-855-411-5290. This contact is for accommodation requests only and cannot be used to inquire about the status of applications.