The pharmaceutical industry is undergoing radical changes in business models and operations due to the advent of modern technologies (such as Artificial Intelligence (AI) and data analytics), new healthcare policy reforms, increased negotiation power of Group Purchasing Organizations (GPOs), and so on. Increased scrutiny by the Food and Drug Administration (FDA) has also led to ever-increasing compliance requirements and hence operational costs. The rising trend of off-shoring and outsourcing at various stages in the product manufacturing processes further necessitates tight control over partner and supplier accountability throughout the contract lifecycle for pharmaceutical or CLM for Pharma organizations. This brings us to the value that contract management for pharmaceuticals can add to the equation.
Ultria CLM Pharma- CLM for Pharmaceuticals enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Gain control over the entire contract lifecycle to ensure all compliance documents such as those for FDA and European Medicines Agency (EMA) are valid.
- Forge collaborative and strategic partnership agreements with Contract Research Organizations (CROs) and other scientific service providers.
- Enforce the use of penalty, indemnity, and compensation clauses in contracts for drug trials, and ensure compliance with the FDA’s drug approval process.
- Author all-inclusive and error-free Intellectual Property agreements to safeguard patented formulas.
- Predict security and supply risks and quantitatively assess existing vendor performance on the key parameters.
- Track contractual 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 on contract management operations for your pharmaceutical organization.
These benefits are just the tip of the iceberg.
To learn more about how Ultria’s Artificial Intelligence (AI) based Contract Management for Pharmaceuticals can help your organization, you can engage with us.