Business Challenge
A Canadian subsidiary of a global pharma company was struggling to keep all the documents connected with its contracts in order, which made managing obligations to vendors and ensuring compliance very difficult. For example, the company maintains working relationships with a robust roster of health care providers (HCPs) who host events about its products.
Without a centralized repository for documents, it was very difficult for the company to ensure it was properly negotiating contracts and compensating these HCP partners, vital processes for maintaining good standing with the providers. Additionally, government regulations demand thorough documentation and reporting of the compensation and accommodations provided to HCPs in exchange for these presentations. All told, 10-15 documents could be associated with a single event. Keeping track of all that paperwork was an unwieldy task.
Solution
In 2014 the organization turned to Icertis to gain control over its contracting processes. Once deployed, the company enjoyed a central repository for all contracts and associated documentation connected to them. Using the agility and seamless integration offered by the Icertis Contract Intelligence (ICI) platform’s cloud-based software, the company could create customized workflows that address specific corporate and government requirements.
Results
Since implementing ICI, the subsidiary reports an astonishing 92 percent improvement in contract turnaround time. Vendor relationships have become streamlined, with all documentation associated with a vendor contract contained in a central repository that can be accessed by users from any device. The company also reports improved visibility into its contract processes. Executives can now run reports based on various terms—by month, by location, by category, or by a doctor’s name.
This provides deep insights about its vendor programs that help the organization optimize its operations. For example, within ICI an executive can quickly see whether the company is spreading out its events geographically to best address market needs. This successful implementation has led the Canadian office to become a model for its sister subsidiaries in other countries, several of which have followed suit and turned to ICI to get a handle on their contract processes.
Negotiations with vendors are now conducted through the vendor portal, providing a single source of truth for all parties. The company has also taken advantage of the ICI Clinical Trials Agreement and Budgeting Application, built by Icertis engineers for pharmaceutical companies to provide powerful tools to manage clinical trial agreements and track budgets. The app ensures the right language and templates are used for site contracting and gives the company easy access to information on site history and previous studies to accelerate turnaround times. It also tracks payments and milestones throughout the lifecycle of the trial.
