The Pharmaceutical industry is undergoing radical changes in business models and operations due to the advent of modern technologies (such as AI and data analytics), new healthcare policy reforms, increased negotiation power of GPOs, and so on. Increased scrutiny by the Food and Drug Administration (FDA) has led to ever-increasing compliance budgets.
Ultria CLM—Enterprise Contract Management Software—enables Pharmaceutical organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Track data comprehensively to ensure all compliance documents such as those for FDA and EMA are valid.
- Enforce the use of penalty, indemnity, and compensation clauses in contracts for drug trials, and ensure compliance with the FDA drug approval process.
- Author all-inclusive and error-free Intellectual Property agreements to safeguard patented formulas.
- Predict security and supply risks and quantitatively assess vendor performance.
- Track milestones and identify supplier consolidation opportunities.
- Create, e-sign, store, and manage all contracts within a centralized, searchable, and secure repository.
- Maintain an audit trail for all the changes made to a contract.
- Generate reports to increase transparency.