If you’re a pharmaceutical professional, we’d like to show you how contract management software could make your working day easier.
Like many other industries, the pharmaceutical industry is subject to fast-moving legislation and regulations. But because it’s so important that pharmas and life sciences support advance in science and public health, compliance is more far-reaching, and reputation is everything for the industry.
In 1965, as a direct response to the thalidomide disaster, the first EU law on the regulation of pharmaceuticals was passed. The impact of thalidomide was so devastating that since then no medicinal product has been marketed without authorisation. And over the past 50 years, a huge amount of global pharmaceutical legislation has developed, expressly to protect our current and future health.
Industry transformation today
The pharma industry is currently going through a period of transformation, which we can’t just put down to the impact of cloud or the regulatory pressures it faces. Pharmaceuticals are being squeezed to reduce costs, with a direct impact on the profitability of their products. And the rise of clinical research organisations – who increasingly supply them with the expertise to support drug development – means there’s a new, integrated approach to research and development. This is changing traditional working practices, and there’s also far greater emphasis on partnerships and buyer/supplier relationships. These changes mean more regulations, more agreements, and yes, more contracts.
Compliance is something no pharmaceutical company can afford to dodge. With the explosion of contracts, agreements and obligations that the typical pharma now faces, contract management software can ease the pressure you face in ensuring compliance across the board, without adding to your team’s workload. And given the uncertainty which hangs over the industry as we think about life after Brexit, it’s one less thing to worry about.
Out of the box, and bespoke
Used and trusted by thousands of contract and legal professionals, Contract Insight can give you both out of the box pharma/life sciences contract tracking and the flexibility of configurable fields. You’ll also have the option to tailor the software more closely to your specific business requirements – such as inserting clauses, templates, approvals, alerts, reminders, or cost tracking. And as your contract evolves and changes, you can be sure that all your stakeholders are working from the latest draft because of its versioning capabilities.
‘Four’s Contract Insight software fulfills our need for electronic control so well that we have expanded it across all our global operations. We were highly impressed with the standard of customer service from the team at Four Business Solutions.’ Biosensors International
With Contract Insight you can manage all your contracts quickly and effectively, easily maximising your return on your investment. You can search on queries, generate reports, and streamline information. And you’ll have a secure contract document repository, which gives you both visibility and security, while you determine segmented levels of access to suit your own agreements.
Automation is everywhere today, and the automated workflow processes Contract Insight offers mean quicker turnarounds of agreements. At the same time, it increases productivity, streamlines operations, and keeps mistakes at bay.
Bringing more to your industry
But it’s more than a contract management software tool with features that apply to every industry. When it comes to pharmaceuticals and life sciences, at a time funding is under the spotlight, we’ve developed our software capabilities further so you can tick all the boxes when it comes to authoring and creating your contracts.
Contract Insight will enable you to include the exact drug specifications, the quality standards required, the analyses required, the batch records needed, the certificates of quality assurance, the packing documentation, the lot number and the labelling, as well as disposal procedures, price and payment terms, and shipment information.
Keep up with the changes in your field
So when it comes to managing your contracts, we’re confident Contract Insight will give you peace of mind. But more than that, it’ll give you the option to follow clinical trial agreements, key opinion leaders, emerging products and research agreements. And because it can also help you manage and track formulas, copyrights and patents, it will also help keep you at the forefront of your field. Wouldn’t that help make your day?