Nagi Prabhu, Chief Product Officer at Icertis, told us the upgrade to the Icertis Clinical Trial Agreement and Budgeting solution consolidates the contract lifecycle workflow and enables tracking of trials and visibility into their financial performance.
The upgrade also includes multi-lingual trial agreement clause language and templates to support global operations.
Capabilities include authoring, workflow, and compliance processes to replace “manual and disparate tasks associated with creating and managing clinical trial agreements between pharma companies and CROs,” explained Prahbu.
Built on the Icertis Contract Management (ICM) platform, other features address Fair Market Value (FMV) validation and tracking, compliance monitoring, and cost maintenance.
“The collaboration portal feature will automate and streamline agreements and budgets creation and management with CROs, with extensive tracking and reporting features that notify parties of compliance issues, budget overages, timelines/delays and trial milestones,” said Prabhu.
“Benefits include reducing contract timelines and unifying efforts across an entire network of partners and global locations.”
Prabhu also said customers have seen up to an 80% reduction in contract cycle times. “One pharma company saved $75 million in one year as a result,” he added.