In early June, CobbleStone exhibited at BIO 2019 in Philadelphia, PA. There was an abundance of amazing keynotes, super sessions, fireside chats, receptions, and educational sessions ranging from “Biofuels & Renewable Chemicals” to “Value, Patient Access & Reimbursement.” The sessions on “Business Development & Finance,” “Emerging Opportunities in Global Markets,” and “Intellectual Property” made it clear that biotechnology and pharmaceutical industry leaders from life sciences and academic institutions are eager to face their challenges. Their strategy will be integrating new technologies into their processes to improve operations, go-to-market efforts, R&D, profitability, and contract performance.
Biotech & Pharma Challenges and Goals
Biotechnology and pharmaceutical companies are in the race to release products and face unique challenges with a balancing act centered around innovation, operating costs, operational efficiency, compliance, risk management, and profitability. Critical biotechnology and pharmaceutical initiatives, from maintaining high-profit margins and customer service levels to effective inventory management, to combating declining markets and market share, to protecting patents and intellectual property, will find contracts at their core.
Contracts are at the foundation of almost every business and organization, and in recent years, pharmaceutical contracting and biotechnology contracting have shifted from a small part of the business to an integral part of most market segments.
Organizations are now managing thousands of contracts, including clinical trial agreements, sourcing agreements, R&D agreements, consulting agreements, funding agreements, confidential disclosure agreements, and more. Contract management is further complicated within this highly regulated environment driven by the need for tighter product-to-market policy controls with government-funded programs like Federal Supply Schedule program, State Medicaid, Medicare Part D, and stringent regulations with the FDA Sunshine Act and MHRA compliance standards. There has never been a more urgent need for effective contract management in bio and pharma.
Digital Transformation With Bio-Pharma Contracting
Biotechnology and pharmaceutical companies must increasingly strive for faster product launches, operational efficiency, and lower operating costs. Unfortunately, critical initiatives are at undue risk stemming from a lack of compliance and intellectual property protection, increased fines and lawsuits, and contract delays and mismanagement.
Too many organizations lack end-to-end visibility because they are using manual processes, dated software, and disconnected data sources in a futile attempt to manage thousands of contracts across multiple departments, facilities, agencies, and vendors.
Biotech and pharma digital transformation with contract management software brings the visibility, accessibility, automation, and centralization necessary to integrate operations and contract strategy.
Contract management software helps legal, procurement, and contract administration teams easily manage contract creation, negotiation, execution, and beyond. Leading contract management software supports contract strategy and operations to have a positive impact on financial performance (rebates, PBMs, etc.) while providing transparency in data and reporting to support internal communications and processes as well as business partner relationships with contract manufacturing organizations (CMOs) and more.
Differentiate With Contract Management Software
CobbleStone provides award-winning contract management software trusted by thousands of users in the biotechnology and pharmaceutical industries. CobbleStone's end-to-end contract management suite helps organizations to stop wasting time tracking documents and putting their organization at risk by missing key dates and milestones.
CobbleStone’s out-of-the-box features can help bio-pharma organizations meet regulations and achieve financial goals through better contract management. Flexible configurations and advanced features can meet the needs of your organization and partners with intelligent workflow approvals, automated alerts and reminders, easy searching and reporting, a secure cloud-based repository with unlimited document storage, regulatory compliance monitoring, cost tracking, contract clauses and templates, electronic signatures, audit trails, and more.
Discover how to make contract management your basis for improved profitability, strategies, processes, policies, relationships, data management, and organizational success. Request a CobbleStone Software demo to learn more.