Contract Lifecycle Management Software for Pharmaceutical Industry

 

Why contract management is critical for successful Pharmaceutical operations

As the Pharmaceutical industry directly affects the public’s health, governments impose stringent regulations on these companies. The healthcare policies are frequently reforming along with strict scrutiny by the regulatory bodies. This makes compliance more challenging and ultimately affects an organization’s contracts — the bedrock of all business relationships.

Contracts play an imperative role in all transactions — be it buying from suppliers, dealing with healthcare professionals or CROs for clinical studies, and engaging with wholesale and Pharmacy Benefit Managers on the sell-side.

Mismanaged contracts can be the biggest liabilities. To manage the growing complications, pharma companies would benefit from modern technologies that would streamline their contracting process and achieve operational efficiency. Thus, investing in advanced contract management systems is no more a nice-to-have but a critical requirement.

Manage Contracts in a Whole New Way
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CLM challenges faced by Pharmaceutical enterprises

The pharmaceutical industry deals with several types of contracts, including quality agreements, licensing agreements, product supply agreements, R&D agreements, and technology contracts. It is becoming increasingly difficult to track hundreds and thousands of contracts across several departments of a pharma company. Ultimately, it is found that pharma companies undergo numerous contract challenges across R&D, sourcing, sales, and promotions departments. These challenges are eventually impeding the time to market new drugs, facing non-compliance risks, and reduced profits.

With proposed and developing laws like the Drug Take Back Act, CREATES Act, BLOCKING Act, etc. compliance, in general, becomes a greater challenge. Moreover, lack of automated tools leads to operational inefficiencies like missing expiration dates, sending wrong documents for review or approval, and so on.

Digital transformations can potentially revolutionize the way the pharma industry, operates, from the way trials are managed to medicine manufacturing, marketing, and delivery. For many pharma companies, moving to enterprise contract management is underway, and are looking at changing the way contracts are managed at every stage.

Find out how iContract can help Pharmaceutical enterprises

Having worked with Pharmaceutical companies, Zycus understands the changing needs of the industry and can assist them in the following ways:

  • Provides secure and centralized storage for all contracts.
  • Helps create collaborative and strategic partnership agreements with Contract Research Organizations and other scientific service providers.
  • Enforces the use of penalty, indemnity, and compensation clauses in contracts for drug trials and ensures compliance with the FDA’s drug approval process.
  • Library of legal-approved and policy-compliant clauses and templates reduces contract authoring cycle-time and errors while engaging with contract parties.
  • Authors all-inclusive and error-free Intellectual Property agreements to safeguard patented formulas.
  • Predicts security as well as supply risks and quantitatively assess existing vendor performance on the key parameters.
  • Tracks contractual milestones and identify supplier consolidation opportunities.
  • Maintains an audit trail for all the changes made to a contract.
  • Generates reports to increase transparency on contract management operations.
  • Combining NLP, text analytics, and OCR, it turns legacy contracts into workable documents.
  • Improves visibility and accountability in the contract lifecycle by setting alerts and reminders for renewal or expiry dates, deadlines, payment dates, etc.
  • Performs terms and clauses deviation analysis from defined standards across native and third-party contracts.

Jumpstart Your Contracting Journey

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