The pharmaceutical industry is undergoing a rapid and dynamic transformation, and it needs business tools that can keep pace. Taking a data-driven approach to contract management is essential for success and that’s exactly what our solution provides.
LOWELL, Mass. (PRWEB)
December 16, 2020
Contract Logix, a leading provider of data-driven contract management software, today announced a new “out-of-the-box” configuration of its contract lifecycle management solution specifically designed to support the unique contract management requirements of pharmaceutical and biotechnology organizations. This no-code, pre-configured version of Contract Logix’s platform allows pharmaceutical and biotech companies to rapidly and digitally transform the way they manage buy-side and sell-side contracts, and helps optimize the performance of the entire pharmaceutical contract lifecycle.
Contract Logix has over a decade of experience working with pharmaceutical and biotechnology organizations to streamline and automate their contract processes, as well as satisfy intense regulatory compliance requirements. As digital transformation initiatives and contracting complexities have intensified in the sector over the past year, Contract Logix has seen tremendous usage growth within its customer base resulting in a 307% increase in the number of contracts its pharmaceutical and biotechnology customers manage with its software.
The pre-configured version of the product will help new pharmaceutical and biotech customers quickly and effectively digitize and modernize their contract management processes and achieve the business and contracting objectives necessary to be successful in today’s operating environment.
Extensive clinical trials, evolving FDA regulations, new supply chain dynamics, increased M&A activity, and ensuring compliance without compromising speed were real business challenges facing the pharmaceutical industry before the COVID-19 pandemic hit. The volume of contracts and contract data generated by pharmaceutical organizations is staggering (one study found that the average CDA is over 4,000 pages long), and the rising cost of drug development all adds an extra level of complexity to pharmaceutical companies’ contract management processes. COVID-19 has upended the supply chain, and the race to a vaccine has shined a light on the unique complexities of the pharmaceutical industry.
- Contract Logix’s industry-specific “no-code” product configuration is based on over a decade of experience working with pharmaceutical and biotechnology companies to help modernize their entire contract lifecycle management business process. It allows companies to centralize and digitize all contracts and contractual information to get complete visibility into contract types such as HCP, payer, CDA, drug applications, PBMs, R&D, and outsourcing agreements, and it integrates easily with other pharmaceutical business applications.
- Contract Logix’s data-driven CLM solution also gives pharmaceutical and biotechnology organizations the ability to simply and efficiently accelerate the way they request, submit, assemble, negotiate, execute, and manage legal agreements with intelligent and automated features such as workflows to follow business rules, alerts for key dates and obligations, contract stage, status and line item tracking, and document revision and version control.
- Pharmaceutical and biotechnology organizations are inherently data-centric and the Contract Logix platform allows them to identify opportunities to improve contract performance through the system’s data-driven and pharmaceutical-specific KPIs and insights such as product pricing over time with customizable reporting and real-time performance dashboards.
- The platform also helps ensure and demonstrate regulatory and internal compliance with real-time audit trails, electronic signatures and a robust suite of security capabilities, role-based and feature-based permissions, and critical certifications including SOC 2 Type 2 and HIPAA.
- “The pharmaceutical industry is undergoing a rapid and dynamic transformation, and it needs business tools that can keep pace. Whether it’s evaluating research and development, tracking rebates, building partnerships, protecting IP, or optimizing vendors, taking a data-driven approach to contract management is essential for success and that’s exactly what our solution provides.” – Tim Donaghy, CTO, Contract Logix
- “To be truly competitive, profitable, and innovative, pharmaceutical companies need to digitally transform the way they manage legal agreements with a data-driven contract management solution. We have over a decade of experience helping these companies address challenging trends like rising costs, evolving supply chain dynamics, and policy and regulatory changes, and we truly believe that digital contract transformation is a key differentiator in helping our customers accelerate clinical trials, vaccines and drug approvals.” – Rick Ralston, CEO, Contract Logix
About Contract Logix
Contract Logix is a longtime leader, innovator, and provider of intelligent and data-driven contract lifecycle management software. The company’s software empowers legal, administration, IT, procurement, finance, and sales professionals across dozens of industries to digitally draft, negotiate, approve, execute, and manage their contracts. Hundreds of brands have partnered with Contract Logix to automate and streamline their contracting processes while minimizing risk, increasing compliance, and driving profitability. For more information about Contract Logix, visit https://www.contractlogix.com and follow us on LinkedIn.
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