Pharmaceutical and life sciences organisations have a lot on their plate. Unfortunately, many organisations lack an efficient process to handle a myriad of contracts, clinical trials, promotions, supplies/goods, regulations and compliance standards. Consequently, these organisations may leave themselves unprotected from potential increased risk, delays, compliance violations, wasted time and squandered revenue. Here’s how you can improve life sciences and pharmaceutical contract management with accelerated contracting and compliance management.
Accelerate contracting and cut cycle times
Advanced pharma and life sciences contract management software can empower organisations with improved management of a high volume of contracts, greater control over contract lifecycle management and reduced cycle times with a more efficient process.
With a one-stop solution, organisations can manage increased contract volume and contract complexity for many different contract types, including legal agreements, confidentiality agreements, research collaboration contracts, clinical trial contracts, consulting agreements, real estate contract management transactions, IT agreements and more. This way, contracts relating to many different facets of the industry are managed in one secure contract repository.
The pharma and life sciences contract lifecycle can be streamlined with contract management automation for intelligent workflow. Automation helps reduce contract lifecycle bottlenecks by engaging the right people at the right time with nearly unlimited automated alerts, notifications and task reminders. You can establish a process for data extraction and data mapping, user-defined fields, audit trails, contract process management, advanced reporting and contract analytics.
Pharmaceutical and life sciences teams can manage contract writing, negotiation, collaboration and electronic approvals with an intelligent workflow process that aids in tracking all stages of the lifecycle. Automated alerts and notifications help teams keep up with key dates and milestones – up to and including contract renewal opportunities. Audit trail history offers an easy-to-access, up-to-date record of contract changes. Reports provide relevant stakeholders and parties with transparency and visibility into essential contract data and performance metrics at a glance.
Effectively manage programs, supply chains and trials
Pharma and life sciences organisations can utilise a comprehensive source-to-contract management solution for essential opportunities in their industry.
Drug trial processes, for example, are made up of a lot of moving parts. Leading contract management software can help pharma organisations manage highly-regulated pharmaceutical programs with a time-efficient, accurate and revenue-saving process from the discovery/pre-clinical phase through FDA approval. Organisations can manage marketing budget and spend, key dates and subsequent resulting contracts.
With an integrated contract management software and eSourcing software suite, organisations can effectively handle complex global supply chains. A full solicitation management process allows for the creation, management, tracking and monitoring of supply chain bids. Intelligent workflow automation can be established for the control and management of supply chain lifecycles. Stakeholders can attach virtually unlimited documents, files and images relevant to a bid in one centralised location.
Once easy bid advertising has been undertaken, pharma and life sciences organisations can quickly analyse vendors. With supplier response ratings and scorecards, organisations can work towards finding suppliers to meet their needs.
Once a supplier is selected, organisations can easily award that supplier, inform participants of the award and commence a standard contract lifecycle process.
With the tools to effectually manage trials, promotions and supply chain, pharma and life sciences organisations can capitalise on various beneficial opportunities for growth and revenue gains.
Enhance compliance management
Advanced compliance auditing tools provide visibility across doctors, hospitals, instructional institutions and other entities. Regulatory compliance standards can be easily maintained and adhered to, thanks to robust, scalable, and user-friendly reporting metrics, key dates and renewals.
Transform Life Sciences and Pharma with Contract Management software
Now you understand how source-to-contract management software can benefit business end-users and scientists, support law departments and strategic sourcing teams, and improve operational efficiency so that organisations like yours can focus on more critical duties in the realm of business and scientific projects. If you enlist the help of a software solution you can accelerate contracting, decrease risk, reduce delays, help with compliance, save time and money. Try Contract Insight from Four.
Contract Insight from Four
Contract Insight is a cloud-hosted (SaaS) or deployed (on-premise) contract management solution. The acclaimed platform is trusted by thousands of professionals for their contract management, legal document management, procurement and sourcing needs. Used by many Fortune 500 companies, Contract Insight gives you real time visibility into your contracts. It doesn’t just shore up your security; it will help you meet contract compliance regulations, centralise your contract management and improve your overall contract administration process.
For more information, contact John O’Brien, CEO at Four Business Solutions, global business consultants and software integrators providing business processes improvements in Finance, Supply Chain and Operations, across a broad range of industries.