The pharmaceutical industry operates in one of the world most competitive, complex, and highly regulated markets. Pharmaceutical businesses in particular need to ensure that their contract strategy clearly defines the terms, pricing, discounts and compliance requirements supported by the right systems to ensure there is no undue risk and leakage during business operations. Organizations that manage contract processes without sufficient control and visibility to their contracts bring in an element of risk through non-standard language, unfavorable term, lengthy contract creation and approval cycles etc. – leading to maverick contracting and loss of commercial opportunities.
Leveraging specialized contract management solutions and automation can help organizations deal with the increased scale and complexity of contracts and accelerate contract management improvements.
The attached article by Niranjan Umarane, Director Product Management at Icertis, details how contract management strategies can be enabled through adoption of technology based solutions and effective contract management systems to deliver desired business results.
Publication Pharma Bio World, June 2013