Why Pharmaceutical Companies Need Contract Management Solutions
As a vast sector that researches, develops, and distributes medicine and drugs, the pharmaceutical industry is a critical component of healthcare. Today, pharmaceutical companies face an increasing list of challenges. These complexities include extensive clinical trials, regulatory compliance, risk mitigation, quality assurance, supply chain dynamics, spend control, and more. To conduct these operations, pharmaceutical companies must build relationships, optimize vendors, evaluate research and development, manage communications, conduct marketing campaigns, organize distribution systems, and the list goes on.
At every level of pharmaceutical operations, the multitude of transactions and processes require an equal or greater number of contracts. Manufacturing quality agreements establish the quality of materials and services as well as how each involved party complies with Current Good Manufacturing Practices enforced by the FDA. Research and Development partnership agreements outline the tenets of collaboration and commercialization with another pharmaceutical company. Product supply agreements specify the terms and conditions for the supply and purchase of drugs, medication, or other products. Licensing agreements grant permission to a company to produce and/or market a drug or medication. Technology agreements detail the terms of collaboration between scientific technological providers and pharmaceutical companies. These contracts, and more, form the cornerstone of all pharmaceutical business relationships, and can either be the greatest source of success or the biggest liability.
Challenges of Pharmacy Contract Management
Pharmacy contract management can potentially involve a variety of challenges such as poor agility, operational inefficiencies, weak industry relationships, inadequate visibility, substandard regulatory compliance, and more. Poor agility can result from rigid processes and a clunky software integration system. Operational inefficiencies can entail overuse of manual processes that lead to human errors or a lack of helpful automation tools. Weak industry relationships can result from challenges such as subpar communication systems, frequent errors, or slow operations. Inadequate visibility involves poor internal communication that results from non-standardized processes, disparate systems, and a lack of organized contact between departments. Substandard regulatory compliance challenges can result from mismanaged budgets, time constraints, insufficient oversight processes, or other issues that affect ongoing research and development.
If any of these challenges resonate with your pharmaceutical enterprise, your company may benefit from a sophisticated pharmacy contract management software solution.
Why Choose Koho Consulting
Koho Consulting partners with the top vendors in the industry to allow pharmaceutical enterprises to increase operational agility, increase efficiency, strengthen industry relationships, improve visibility and communications, maintain rigorous compliance standards, and more. Koho Consulting’s contract management solution is an enterprise-wide solution that ensures consistency throughout the entire company.
It’s time for your pharmaceutical company to take control of the entire lifecycle of your documents. With Koho Consulting, you can eliminate the exhausting and error-prone tasks like contract renewals, generation, and approval tracking with a complete end-to-end contact automation solution. Koho Consulting’s contract management software is a comprehensive platform complete with all of the features your pharmaceutical company needs to succeed.
With the streamlined contract repository, you get immediate access and visibility to all your organization’s contracts from any location. You can easily search all file types for a specific phrase or clause, and you can create unlimited templates to generate contracts in a matter of seconds, not hours. The template and clause libraries allow you to manage language across contracts, ensure timely execution of key processes, and create contracts instantly using the standardized language and dynamic clause library.
With Koho Consulting’s redlining and version controls, you can automate even the most complex approval routing processes, manage workflows with outside parties, and streamline contract review. With automated alerts, escalations, and assignments, you can ensure timely execution of key processes. Pre-built artificial intelligence functionalities allow you to expedite document migrations, quickly and correctly identify risky contracts, and insightfully formulate replacement clauses.
Advanced security features allow you to comply with privacy standards using precise access controls and keep data safe with an application and hosting infrastructure validated by third party security firm audits and government organizations. Contract governance tools can help you discover potential risks, monitor and report on the commercial health of contractual relationships, and comply with regulatory requirements like Sarbanes-Oxley, GDPR, and HIPPA.
On the buy side, you can monitor contract obligations, measure supplier performance against service level agreements, get customized reports, program auto alerts for budgets and spend, and use pre-built and API integration to seamlessly connect with your ERP. On the sell side, you can integrate with CRM systems like Salesforce to instantaneously generate proposals, MSAs, and sales agreements. You can also manage and monitor complex future commitments, SLAs, deliverables, expirations, and compliance to minimize revenue leakage.
As the most flexible contract management solution on the market, Koho Consulting focuses on providing software and services for organizations looking to execute on their Digital Transformation, Process Improvement, and Growth strategies through the use of our trusted partner’s legal-tech solutions. With a number of offerings, we have a solution to fit every organization’s needs when it comes to finding the perfect CLM tool. When you are ready to streamline your operations and improve your bottom line with high quality pharmaceutical contract management solutions, contact Koho Consulting.
