The Challenge
Lack of agility, insight, and standardization leads to risks
Pharmaceutical and biotech companies today face a range of challenges, from complex drug trials and strict regulations to intricate supply chains, all centered around contract management. These widespread issues affect research, procurement, sales, and marketing. Neglecting these areas can delay drug launches, increase the risk of legal penalties, and lead to profit losses due to inefficient sourcing.
Research and development are vital, but they’re hindered by the tough task of planning and funding clinical trials within a maze of regulations and specific contract needs. Global operations add to the complexity, with each country’s distinct drug development and sales laws. This is made worse by inconsistent processes and systems that limit company-wide transparency, affecting governance and compliance, such as cost variations, volume forecasts, contract terms, and supplier management.
Sales strategies also suffer from a lack of flexibility, making it hard to keep up with changing rules or market demands. This rigidity is worsened by poor integration with other business processes, leading to difficulties in monitoring discounts, claims, budgets, and fair value in clinical trials. A limited understanding of contracts with external professionals for events, research, and medical involvement further increases regulatory risks and complicates budget control.
