Today’s pharmaceutical and biotech companies grapple with complex drug trial processes, highly regulated promotional programs, and complex supply chains. At the heart of all these challenges are contracts.

Ultimately, pharmaceutical and biotech companies face broad contract challenges that span R&D, sourcing, sales, and promotions. If left unaddressed, these challenges can lead to serious delays in bringing a drug to market, raise the risk of major fines for non-compliance, and reduce profits due to sourcing inefficiencies.

• Successful research and development are critical for success, but managing and budgeting for clinical trials is complicated by complex regulations and specialized contracting requirements
• Global operations present compliance challenges as each jurisdiction has its own rules and regulations around drug development and sales
• Non-standardized processes and disconnected systems reduce visibility across the enterprise, impeding governance and compliance: purchase price variance, projected vs. actual volumes, standardized terms, rationalized suppliers, etc.
• A lack of agility in sales programs makes it difficult to respond to changing regulatory or commercial requirements
• Lack of integration with other enterprise processes impedes tracking of rebate/ claim settlement in channels and budget/ Fair Market Value tracking in trials
• Lack of insight into contracts with external experts for speaking events, webinars, research collaboration, and physician participation raises regulatory risk and impedes effective budget tracking