Business Value of Data-Driven Pharma & Biotech Contract Management
By David Parks
The pharmaceutical & biotech industries are undergoing a rapid and dynamic transformation. Extensive clinical trials, evolving FDA regulations, new supply chain dynamics, increased M&A activity, and ensuring compliance without compromising speed are real business challenges facing pharmaceutical and biotech organizations today. In addition, the volume of contracts and contract data generated by pharma and biotech companies is staggering and accelerating, as are the unique complexities associated with every phase of pharmaceutical and biotech contract management from drug discovery to commercial delivery.
As your business and your contracts become more complicated, the tools you use to manage them need to keep pace. You may have thousands, or even tens of thousands, of contracts covering a wide variety of departments and facilities, involving multiple agencies and vendors, and potentially governing an enormous volume of transactions and trials via numerous clauses and contingencies. Whether it’s evaluating research and development, tracking rebates, building partnerships, protecting IP, or optimizing vendors, taking a data-driven approach to biotech contract management is key for success.
To be truly competitive, profitable, and innovative, pharmaceutical and biotech companies need to digitally transform the way they manage legal agreements with a data-driven contract management solution. You must harness all the data in your vast array of contracts and related documents and transform it into actionable and accurate business insights and key performance indicators that you can leverage as part of your broader digital transformation strategy to manage costs, drive growth, ensure compliance, and operate with speed.
Contract Logix: Data-Driven Pharma & Biotech Contract Management Software
Contract Logix has over a decade of experience working with pharmaceutical and biotech organizations, helping them harness their contract data to achieve digital contract transformation (DCX) and streamline and automate buy-side and sell-side contracting processes. Our data-driven contract management software is a proven, secure, and trusted product specifically designed for pharmaceutical and biotech contract management needs and use cases.
Contract management software from Contract Logix is a true “no-code” solution that is extremely easy to use, configure, and quickly get business value from. Our solution comes preconfigured out-of-the-box specifically to support pharmaceutical and biotech contract management requirements. In addition, the software can be integrated with other pharmaceutical and biotech business applications such as CRM and ERP systems using our API.
Contract Logix’s data-driven pharmaceutical and biotech contract management software empowers organizations to optimize the performance of the entire contract lifecycle from discovery to development to commercial delivery and every step in between.
Some key reasons that biotech and pharmaceutical companies trust Contract Logix to digitally transform their contracts and contract lifecycle management include the ability to:
- Centralize all your contracts and contract data and get complete visibility into all contract types such as physician, payer, CDA, drug applications, PBM, R&D, and outsourcing agreements.
- Optimize agreements with your PBMs, vendors, and supply chain throughout the pharmaceutical and biotech lifecycle using robust contract line item tracking for products, pricing, rebates, and more.
- Identify opportunities to improve contract performance through data-driven and pharma- and biotech-specific KPIs and insights such as product pricing over time with customizable reporting.
- Ensure and demonstrate regulatory compliance with support for FDA Part 11 requirements.
- Enforce business processes with automated workflows to manage compliance and appropriate contract, product and multi-department approvals such as marketing authorization.
- Integrate with other business applications such as ERP, CRM, etc. using an API.
- Maintain accurate and real-time audit trails for FDA and SOX compliance.
- Secure access to all your sensitive contract information and IP via a robust suite of security capabilities and permissions.
- Proactively monitor and automate the alerting of key dates so that you never miss contractual obligations.
Takeaway
Your approach to contract management can play a major role in the success of your pharmaceutical or biotech company. Embracing modern and data-driven contract management software can provide a huge competitive advantage for pharma and biotech organizations when navigating supply chain dynamics, regulatory requirements, and other important legally binding activities. It will enable you to:
- Optimize your contracting processes with data and KPIs
- Increase your contract management agility to accelerate commercialization
- Get complete visibility into your entire process to reduce risk & increase compliance
- Collaborate on contracts with ease and accuracy from any location
If you are interested in learning about how Contract Logix is helping pharmaceutical and biotech companies just like yours digitally transform the way they manage contracts to make their business more competitive, agile, and innovative in today’s new normal, please contact us today.