In these turbulent times, the pharmaceutical industry works relentlessly, producing tons of medication to keep the world up and running. But are its contract management processes efficient enough? Can pharma companies optimize them by using a little digital transformation?
The answer is yes. There is a multitude of technological solutions that improve contract performance and help companies bypass the risks imposed by the inevitable merger with the digital realm. Contract management software is one of them.
Let’s have a look at 6 major risks pharma companies can avoid by embracing contract management software in their daily operations.
Table of Contents
The jeopardy of employing outsourced CROs
Nowadays, more and more companies focus on drug research and outsource clinical trials to CROs. While this approach saves time and resources, it can lead to intellectual property leakage, delays in commercialization, or compliance failures. As a result, the company can suffer from financial losses and missed market opportunities.
While outsourcing to CROs saves time and resources, it can lead to intellectual property leakage, delays in commercialization, or compliance failures.
With the help of contract management, your company can create automated document batches for freelancers. These documents will help you to:
- Protect intellectual property with two-way confidentiality and IP ownership agreements
- Define the corpus of deliveries, quality of received data for FDA and due diligence through Statements of Work
- Set up liability clauses to protect from an inadequate work quality
- Gain transparency with contract termsManage contractors by storing contracts in the database
- Track budget and monitor expenses
Dissonance with the changing landscape
The world is moving at a rapid pace, and, to stay afloat, companies have to quickly adjust to the changing environment. Through contract management, pharma companies can create policies that will protect them against force majeure circumstances and provide the following gains:
- An option to quickly issue clear, up-to-date risk management policies;
- Ability to deploy new policies and specifications to documents in bulk;
- Budget visibility and security;
- Ability to promptly deliver new documents to the counter-parties, get them approved and see the new processes in action;
- Flexibility to make fundamental changes in documented operations.
FDA non-compliance
To roll out a new medication into the market, companies have to fill tons of applications to confirm its compliance with the local FDA standards. A lack of compliance brings the risk of delays and financial losses associated with missed deadlines, let alone the competition.
Contract automation allows companies to:
- Properly assess all the FDA compliance documents and make sure that they are submitted error-free and on time;
- Adjust their contracts to match regional requirements;
- Get paperless control over compliance documents;
- Ensure compliance with the FDA’s drug approval process;
- Manage audit trails for better FDA compliance.
Supply chain disruptions
Procurement is a strategic branch for pharma companies. Even the slightest disruption can bring about considerable time and money losses. Contract lifecycle management software enables companies to:
- Stay tuned for market opportunities;
- Ensure complete visibility of contracts;
- Address the risks related to the supply chain and reflect them in the contractual obligations;
- Avoid failed renewals that may cause a supply shortage;
- Onboard suppliers more easily;
- Simplify RFP management.
Financial losses
In addition, pharma companies risk sustaining financial losses due to the following issues:
- Training cancellations;
- Data leakage;
- Competition advancement on the market;
- Damage done by the medication under research.
Contract life cycle management allows companies to prevent financial losses, predict security and supply risks, and avoid external factors that may affect the development of medication. Here are three extra benefits that you get:
- Keeping all your financial documents in one place;
- Managing all document terms and regulations;
- Tracking your contracts’ value.
A gap in HCP relationship
Overloaded with work these days, healthcare practitioners sometimes can’t find enough time for new product onboarding. Communication with HCPs often grows more complicated, especially given the digital landscape and the amount of other information digested daily.
Overloaded with work these days, healthcare practitioners sometimes can’t find enough time for new product onboarding.
Document management lets pharma companies build long-lasting relationships by providing crystal clear onboarding and concise learning while establishing a channel for regular undisrupted communication and data distribution.
The bottom line
AXDRAFT helps companies in the pharma industry address and prevent all the risks mentioned above. Pharmaceutical document management software is an all-in-one tool that enables them to create a central repository for effective management of documents, supply chains, finances, and all the work processes.