Stringent compliance and budgeting requirements have contributed to a 145% increase in the cost of taking a drug to market over the last decade. According to the Association of Clinical Research Professionals, contract and budget negotiations are responsible for 49% of study delays.
A manual contract management process can compound those delays, creating significant business challenges:
- Difficulty in meeting study timelines and milestones
- Inefficiency in responding to supply chain disruption and onboarding
- Difficulty in accurately tracking budgets and consumption
- An increase in the cost of taking a drug to market
- Lack of real-time, end-to-end visibility across the clinical trials process