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How Contract Management Software Is Making the Healthcare and Life Sciences Industry More Agile

By Anand Veerkar

The healthcare and life sciences industry stands at a pivotal moment.

Nearly every week, the marketplace is disrupted by news of acquisitions, mergers and emerging players—as in the case of Amazon, Berkshire Hathaway, and J.P. Morgan's announcement they would be teaming up to form a new healthcare company.

At the same time, regulatory uncertainty has created huge challenges. National and regional regulatory regimes present major compliance hurdles for companies that want to avoid the fines and bad P.R. that comes from violations, and left a long trail of multi-million-dollar fines from those that have fallen short of the mark.

And the way enterprises across all industries operate is being fundamentally altered by digital innovations that represent an opportunity to organizations that successfully adopt them and an existential threat to those that don't. "Life sciences companies are embracing emerging technologies to transform the entire value chain," Deloitte reports in a 2018 industry outlook report. "Additionally, they are leveraging new partnerships and building new operating models to grow their business. With growth come a few uncertainties, arising from pricing pressures, geopolitical boundaries, and policy changes."

As this observation by Deloitte shows, the disruptions presented by new industry players, new regulations and new technologies are not isolated. New technologies can enable industry upstarts and prompt new regulations. Likewise, embracing new technologies to digitally transform their entire enterprise can make companies more resilient in the face of these regulatory and competitive challenges.

Contract Management Software Leads to Way

At the forefront on these new technologies is enterprise contract management software. Companies ranging from pharmaceutical developers to health insurance providers to large hospital groups are realizing that reimagining contract management is key to facing the huge challenges in today's competitive marketplace. This is because contracts are core to the foundation of all commerce, governing every dollar coming in and going out of the enterprise.

With an enterprise-wide strategic approach, contracting becomes streamlined, drastically reducing contract turnaround time and accelerating time to revenue; risk and compliance is better governed in the contracting process; and 360-degree visibility of obligations and entitlements allows business leaders to turn contracts into strategic assets by optimizing commercial relationships.

Icertis Contract Management in the HLS Industry

Icertis is the de facto leader in enterprise contract management, and is now used by 4 of the top 7 pharmaceutical companies in the world. Sanofi, Becton Dickinson, Roche, Abbvie and other leaders in the HLS industry have turned to the Icertis Contract Management (ICM) platform to improve their contracting processes.

Icertis has established this leadership position with a platform that is easy, intelligent and enterprise-wide. ICM can be deployed in weeks, not months, and features an intuitive interface that ensures quick adoption by users. Customized dashboards and artificial intelligence provide critical real-time data on cycle times, potential risk, compliance challenges and other key metrics.

ICM also offers specialized applications to address specific industry needs. This includes a clinical trials app for pharmaceutical companies that has reduced contract turnaround time for drug trials by up to 90 percent. For enterprises with operations in Europe, ICM also offers a GDPR compliance app that helps ensure contracts do not violate the major data privacy law soon to be enacted in the EU.

And since it is the only contract management platform built on Microsoft Azure, users enjoy unparalleled data security and compliance, including with the Health Insurance Portability and Accountability (HIPAA) Act and data localizations laws.

To learn more about how ICM can help your healthcare or life sciences company, download our guide to enterprise contract management software.