Contract Intelligence - Enabling Pharma Innovation

I was recently part of an engaging conversation with Divya Baranawal from Quadrant and Raoul Enait from Sanofi about "Transforming Pharmaceutical Innovation with Contract Intelligence".

It was an invite-only session meant for contracting leaders in pharma. I am pleased to share that the recording is now publicly available. 

Below are my notes and the key points that came up during the conversation.

1. Efficient Contract Management has played a pivotal role in pharma companies' ability to a.) match up to the demands of the post-pandemic market, b.) continue to innovate at speed and c.) stay compliant with the regulatory frameworks. 
2. Contracting delays lead to a significant increase in the cost of taking a drug to market, impacting not just the pharma companies but society at large, as we have all witnessed during the pandemic.  
3. Some other challenges highlighted and where pharma could benefit from contract management were: a) Inability to track budget with actuals b) Poor contract visibility across the enterprise c) Limited understanding of agreement compliance.
4. Contract Management and Intelligence helps connect the dots for the business. The key areas where enterprises derive the most value from Contract Management were Speed to Market, Risk Management, Compliance, Reduction in Cost of Operations and Timely Insights for the company leadership. 
5. Automation, Visibility, Compliance and the promise of a uniform, harmonized and centralized repository continue to be the key market drivers.
6. AI and Machine Learning capability is improving rapidly. AI is where CLM leaders like Icertis have invested heavily over the past few years. 
7. Integration with other enterprise software is a key factor to consider when evaluating a CLM solution.
8. Contract Lifecycle Management, if done right, leads to a significant drop in the contract cycle time.
9. Large global enterprises can benefit from a gradual rollout of a contract management platform and tweaking things based on the contract management nuances of each region.
10. Enterprises can benefit by creating contracting focused roles like 'Contract Specialist' within the organization. 
11. Change Management and Training are vital for a smooth rollout and rapid adoption of a CLM platform.

A highlight of the session for Icertis was Quadrant's Research Report findings and the SPARK Matrix for Contract Lifecycle Management 2021. No prizes for guessing where Icertis is placed on the matrix!!! ?? 

Watch the session here:

• Transforming Pharmaceutical Innovation with Contract Intelligence