Contracts are one of the greatest revenue sources, but mismanaged contracts can end up being your biggest liabilities. To tackle the growing complications, pharmaceutical companies seek solutions that would streamline their contracting process and help achieve operational efficiency.
Let us look at some of the industry trends that are forcing pharma companies to rethink traditional contracting:
- Need for quick contracting.
- Controlling expenditure.
- More mergers and acquisitions.
- Increasing outsourcing.
- Complex supply chain processes
Apart from the points mentioned above, the factor that should grab our maximum attention is regulatory compliance. As the pharma industry directly affects the public’s health, governments worldwide impose strict regulations on these companies to ensure safety and efficacy. Moreover, these regulations are subject to frequent modifications.
In the United States, the Food and Drug Administration (FDA) takes care that all the drugs are rigorously tested before they are made available for the public which makes the clinical trials extremely critical. So, the pharma companies must ensure compliance and improve collaboration with CROs and sites and easily track trials processes; and reduce contract cycle times and visibility.
Considering the risks of manual processes, investing in advanced contract lifecycle management systems has become a necessity for successful contracting. A robust contract management software like Ultria not only ensures maximum compliance but also adds value to the industry by automating the entire contracting process and providing centralization, easy accessibility, better internal visibility, and much more.
Download our eBook to know how advanced contract management solutions add value to the Pharmaceutical industry. It thoroughly discusses the following:
- Increasing Need for Contract Management in the Pharma Industry
- Common Types of Contracts in the Pharma Industry
- Factors Leading Pharma Companies to Rethink Contracting
- Contracting Challenges in Pharma Industry
- How does CLM Add Value to Pharma Companies?
- Key Solutions Offered by Ultria for Pharma Industry