Pharmaceutical and life sciences organizations have a lot on their plate. Unfortunately, many organizations lack an efficient process to handle a myriad of contracts, clinical trials, promotions, supplies/goods, regulations, and compliance. Consequently, these organizations may leave themselves unprotected from potential increased risk, delays, compliance violations, wasted time, and squandered revenue. Here’s how to improve life sciences and pharmaceutical contract management with accelerated contracting.
Vendor, customer, and employee compliance management are essential for organizations to maintain adherence to compliance standards, mitigate risk, and uphold their reputation. However, as contract volume grows, it can be difficult for organizations to track the records of vendors, customers, partners, and employees regularly. To achieve and maintain compliance, it is paramount that organizations, regardless of industry, remain aware of violations committed by entities they are performing business with. Such violations include failure to adhere to economic and trade sanctions under The Office of Foreign Assets Control (OFAC). Contract management software with intelligent national sanction compliance checks and risk analysis snapshots can help organizations to avoid these issues by providing them with a comprehensive and centralized OFAC search process.
Electronic signatures are a must to streamline your contract management process. They allow organizations to create efficiencies that expedite preexisting processes and reduce financial costs. However, there are still individuals and organizations that question whether or not contract electronic signatures are legal and whether eSignatures will hold up in court. The question is valid; potential litigation is a serious threat to any organization. Judicial decisions and legal precedent in the United States have left very little ambiguity on whether or not contract electronic signatures are equivalent to handwritten signatures. Organizations that use eSignatures should take comfort knowing that the courts have been on their side since 1869.
Institutions of higher education use contracts for many purposes; whether ensuring the delivery of products and services, or fulfilling student, public, or organizational objectives, colleges and universities have a variety of instances where contracts must be utilized. Accordingly, with the overwhelming amount of contracts that these institutions use, it would be beneficial and more efficient for the institution to use contract management software. The benefits of using contract management software are abundant in higher education, but a few key benefits can be highlighted below.