Contract Management: How Automated Systems are Unburdening Life Science Legal Teams
Contracts are critical in life sciences. At each step in the product life cycle, pharma, biotech and medtech companies need to engage with third parties to develop, manufacture and sell their drugs, diagnostics and devices. With lives at stake and multiple players pursuing opportunities, companies that close deals quickly have a competitive edge. Yet, each contract exposes a company to an array of major third-party risks, creating a need for systems that support both speed and quality.
There is a better way. Using a contract lifecycle management (CLM) platform, documents are processed faster and with fewer errors. More than 40% of polled users of digital agreement processes in the life sciences industry even reported revenue growth as a result of switching to a CLM, showing the benefits of shortening and streamlining transactions to top-line financial performance.
In this eBook you will learn how:
- CLM platforms can help accelerate contract cycle times and manage risk during negotiation
- Users can sign contracts electronically in compliance with FDA 21 CFR Part 11
- Keeping completed contracts in a central repository can provide insights to optimize future negotiations