According to the enterprise contract management provider, the platform enables companies to identify, assess and mitigate risk, as well as monitor regulatory compliance.
“The pharmaceutical industry is under immense pressure to remain compliant with local, national and international standards while still innovating in a competitive market,” said Icertis CEO and co-founder, Samir Bodas.
“With such wide variations in regulation, contract creation and approval can slow down the development and delivery of new drugs. In fact, contract and budget negotiations and approvals are responsible for 49 percent of clinical trial study delays,” he told us.
As Bodas explained, SaaS solutions – such as Icertis – have made it easier to outsource contract management while keeping control of the workflow.
“The pharma and outsource companies both can work collaboratively to achieve faster, more compliant, more economic and scalable contracting process,” he added.
'The singular foundation of all commerce'
Industry consolidation and pressure to innovate for international markets have driven a demand for ICM Bodas said – and he expects the trend to continue.
Previously, clinical trials were driven from a process perspective with clinical trial management systems (CTMS) as the center of the solution, according to Bodas.
“However, with compliance and regulations and need for speed in getting trials done for time to market advantage, the contract systems are becoming the center of the solution with process applications like CTMS being supplementary,” he said.
In general, Bodas explained that large enterprises are increasingly aware that contracts “are the singular foundation of all commerce – every dollar that enters or exits the enterprise does so through the means of a contract.”
Thus, as the value chain becomes more complex, Bodas said businesses are expected to be agiler and that contracting processes must enable that change. “A central, digitized and intelligent contracting solution makes that possible,” he added.