Pharmaceutical Industry

The pharmaceutical industry is witnessing undergoing radical transformation in business models and operations due to the innovation in modern technologies (such as Artificial Intelligence (AI) and data analytics), technology for communication among patient and doctor, hard negotiations, healthcare policy reforms, etc. Constant scrutiny by regulators such as Food and Drug Administration (FDA) in USA, Medicines and Healthcare products Regulatory Agency (MHRA) in UK and The Central Drugs Standard Control Organization (CDSCO) in India has also resulted into significant increase in compliance requirements and hence operational costs. The rising trend of contract manufacturing, outsourcing at various levels / steps in pharmaceutical business manufacturing processes further necessitates tight control over partner and supplier for accountability throughout the contract lifecycle for pharmaceutical organizations. A robust Contract Lifecycle Management Software in a must to ensure that the business runs smoothly with zero non-compliance and management of contracts.

Volody CLM - Enterprise Contract Management Software for Pharmaceutical businesses enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework. Specific features we have built for Pharmaceutical Industry:

Enforce the use of penalty, indemnity, and compensation clauses in contracts for drug trials, and ensure compliance with all the country- specific regulators drug approval process.

Author complete error-free Intellectual Property agreements to safeguard patented formulas.

Predict security and supply risks and quantitatively assessment of existing vendor performance on the key parameters.

Seamless integration of Artificial Intelligence, Machine Learning and work-flow programming for smooth contract execution process.

Track and manage contractual data comprehensively to ensure all compliances are in place and valid.

Maintain audit trail and versions for all the changes made to all kind of contracts including vendor, service providers, customers and third parties.

Smartly create contract with use of AI and ML and provide base document to users (Legal Or Business) with the use of repository, clause library, similar contract with counter-parties.

Integration with reputed e-signature companies including Docusign, NSDL to allow electronic signature as per law of land.

Easy visibility to contractual obligations, milestones, deliverables to ensure adherence to the scope of work and meet delivery timelines and budget expectations.

Internal approval workflow to ensure that all contracts are duly approved as per internal Limits of Authority.

Store and manage all executed contracts within indexed, searchable and secure repository.

Communication with business, legal and counter-party.

Various dashboards, MIS and vital information for data analytics and improve your revenue, control costs and manage vendors.

Generate reports to increase transparency and stakeholder accountability for key actionable items and performance indicators.

Reminders for renewals, negotiations and executions to ensure availability of legal contract at all time.