Redefining Pharma Contract Management for the Present Times
Effective Solutions to Manage End to End Contracting Processes with Pharma Contract Management
by PracticeLeague
September, 2020

Integration of the contractual functions with legal operations can have a significant impact on the functioning, and streamlining of end-to-end Contract Management processes

Effective Solutions to Manage End to End Contracting Processes with Pharma Contract Management

The benefits of improved pricing and improved operations are the significant KPIs in the Pharmaceutical sector, necessitating decision makers to adopt operational and administrative processes to improve overall functions. “Having in place a robust efficient Pharma contract management system” goes a long way in addressing the key challenges. The very nature of operations in a pharma enterprise calls for watertight contracts that adhere to the changing regulatory and statutory guidelines. From the perspective of the legal teams and the organization's point of view, pharma contract management aims to create both-streamlined contracts and better control, creating a win-win scenario for all. At the same time, it ensures tighter policy controls and mitigate risk in contract management. The processes follow: identify the core pain points, understand the shortcomings, and streamline contract activities in a pharma enterprise with a robust contract lifecycle management platform.

End to end automation of contractual functions for the pharma industry:

collaboration-and-licensing-agreements-for-intellectual-property

Collaboration and licensing agreements for Intellectual property
Assignment of third-party rights, supplementary protection certificates, experimental use of provisions, implications of pharma industry agreements

ensuring-compliances-with-legal-and-statutory-guidelines-in-pharma-contracts

Ensuring compliances with legal and statutory guidelines in pharma contracts
Contract manufacturing agreements, co-promotion, distribution agreements, regulatory processes that define contractual obligations, clinical trials related contracts.

regulatory-controls-and-adherences

Regulatory controls and adherences
Timely FDA approvals, application of IND process and timely automated workflow approvals

randd-agreements

R&D Agreements
collaboration, negotiating and license agreements to manage clinical trials, R&D processes, patents and intellectual property rights.

And, a gamut of other industry-specific and general agreements that take place from time to time.

Comprehensive features to address the key challenges:

Integrating fragmented information and processes under one platform

Integrating fragmented information and processes under one platform
The AI and ML capabilities that take care of the initial stages of discovery, request, review, authoring. redlining and vetting of contracts. In other words, a platform that can take care of contracts right from the stage of initiation to execution.

Compiling and organizing information

Compiling and organizing information
A centralized repository for storage, retrieval and renewal of contracts. The document management stage that is often supported by too few personnel to support legal counsel in pharma industry helps locate files easily and automate the entire contract management system.

There is a common consensus that the right contract management software can remove the bottlenecks the pharma industry faces, while also fix the shortcomings along the way.
It also necessitates the reason to go beyond the scope in finding for the right partner for end-to-end contract management.

The core capabilities to look for in a Contract management platform

The Cloud-based legal contract management software brings in a certain degree of transparency and control, along with it to manage pain in manual contract management. Smart contracts as we call it, is all about efficient, end-to end management of contracts for modern legal departments.

aI-and-blockchain
Deciphering the AI and Blockchain capabilities for contract processes
contract-templates
Contract templates with built-in clause library
requests-and-access
Requests and access
identifies-defines-and-tracks-the-roi
Identifies, defines, and tracks the ROI
streamlines-processes
Streamlines processes and fosters cooperation between the functional groups

Introducing a legal contract management solution in the system, takes into account all the stages of the contracting process. The cloud based RazorCube, PracticeLeague's Contract management platform, aims to take care of the stages of the contracting process while also get to grips the tactics of an effective end-to-end contracting system.

Choosing the right partner for efficient contract management

An experienced and skilled Contract Management implementation partner such as RazorCube has been a solution provider for pharmaceutical companies for over a decade. As a trusted platform by the pharma legal counsels, the platform offers a whole host of contractual functions, thereby providing timebound solutions for automation of contract management in pharma enterprises. With in-built features to comprehend the essentials of contracting, the platform brings the nuances of by also embedding the capabilities of AI-ML initiatives for efficient end-to-end contract management.

Choosing-the-right-partner-for-efficient-contract-management
Share Post :