“The contracting process for creating medicines is a complex one,” Nagi Prabhu, Chief Product Officer at Icertis told Outsorucing-Pharma.com.
“Regulation is tight and pharmaceutical producers not only must comply with local drug laws, they must also ensure compliance with the FDA and international governing bodies like the International Narcotics Control Board.”
According to the enterprise contract management solutions provider, ICM ensures every contract created contains the up-to-date clauses that meet compliance requirements.
“Based on the country or local laws, appropriate language is inserted accurately,” said Praghu. Additionally, a budgeting module ensures an accurate budget is created for different sites and that budget guidelines are adhered to.
“Multi-level approval process can make sure the stake holders are kept in the loop throughout the process to provide compliance oversight,” added Praghu.
According to the company, global healthcare leaders including Abbvie, Roche, and BD are also using its Contract Management (ICM) platform to help consolidate and manage contract lifecycles.
“Icertis’ pharmaceutical customers are using the ICM platform to accelerate contracting velocity, increase visibility through a single, easy-to-use enterprise wide contracting system and ensure compliance,” said Prabhu.
In late March, Icertis also announced the addition of the Icertis Clinical Trial and Budgeting Solution. It has also opened a new Frankfurt office which is the company’s seventh office and third in the EMEA.