A challenging landscape for the pharmaceutical industry
Pre-pandemic healthcare providers and the pharmaceutical industry were already facing complex challenges around cost control, regulatory compliance and operational efficiency. Post COVID the situation has not eased – rather the opposite is true. COVID-19 vaccinations and PPE production took priority during the pandemic. Now as we in theory return to the status quo, the global disruption to supply and supply chains have exacerbated an already challenging situation for pharmas.
Pharmaceutical contract management – the perils
What all these organisations have in common is the responsibility for managing thousands of contracts across different departments, facilities, suppliers, providers and agencies. Mismanaged contracts lead to increased costs, reduced margins and poor productivity, and they can also fall short of regulatory compliance, with severe consequences.
Fragmented contract management driven by manual contract management processes or inadequate contract management systems is an underlying cause of today’s healthcare industry challenges. To survive in these demanding times, comprehensive healthcare contract lifecycle management must be a top priority.
Contract management health
Some tough questions:
- Do you have inconsistent policies and request submission requirements?
- Does it take an increasing amount of time to author your contracts?
- Do you lack contract templates, agreed terms and a clause library?
- Does your contract administration department lack accountability?
- Do you lack transparency and struggle to track contract status?
- Do you miss milestones and key dates, resulting in unwanted renewals, unexpected expiry dates and missed opportunities?
- Do you have any compliance issues?
If you answered yes to any of the above questions, don’t worry – we can help you rebuild the architecture around the pressing issues you face, such as time to market, reporting and the afore-mentioned regulatory compliance.
Our pharmaceutical contract management software solutions
At Four, we’re well-aware that an ineffective contract management process can contribute to underlying matters of regulatory compliance failures and increased risk for the healthcare industry. You can’t achieve better contract transparency, centralisation and automation with inadequate contract management or ERP systems.
Contract Insight – contract management software from Four
Contract Insight will help you manage your entire healthcare contract cycle, from request to signing. It provides a platform that will give your busy contract administration, legal and procurement teams contract management software that helps you manage every step of your contract process, from contract creation to execution and management, to the management of post-execution rights, obligations, and reviews.
The pharmaceutical industry faces particular challenges around patents, contracts and regulatory requirements. We have years of experience of integrating new corporate processes across a whole business. We have a suite of pharmaceutical software solutions designed to make the change swift and easy to achieve, with minimum fuss and maximum results for your whole team. We’ve helped many clients take on new cloud-based, electronic systems to manage these issues more efficiently and gain complete control of their contract management. Our priority is always to understand your individual needs, and to offer full support and training.
Biosensors International
You can read more about some of the technologies we provided for one market-leading, global pharmaceutical company, Bionsensors International, by clicking on the link below.