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.
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 beintegrating new technologies into their processes to improve operations, go-to-market efforts, R&D, profitability, and contract performance.
The Physician Payments Sunshine Act was passed by the United States in 2010 in an effort to increase the transparency of the fiscal relationships of drug manufacturers, medical device producers, and biological and medical supplies companies with health care providers. The institution of the Sunshine Act demanded pharmaceutical organizations with relationships to Medicare, Medicaid, and the State Children’s Health Insurance Program (SCHIP) to collect and track data relating to their agreements with entities such as physicians and teaching hospitals.