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.
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.
Assignment of third-party rights, supplementary protection certificates, experimental use of provisions, implications of pharma industry agreements
Contract manufacturing agreements, co-promotion, distribution agreements, regulatory processes that define contractual obligations, clinical trials related contracts
Timely FDA approvals, application of IND process and timely automated workflow approvals
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.
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
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 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.
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.
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: