From pharma to food tech, the complexities of the biotech industry stand alone. These companies generate massive contract volume through product development, commercialization, and M&A.
In fact, one industry leader recently shared with us that her pre-clinical phase biopharma company generated over 150 contracts per quarter. From manufacturing to toxicology and consulting agreements, the small operations team was overwhelmed trying to ingest, manage, and report on contracts – until they discovered a contract lifecycle management (CLM) solution.
The Benefits of CLM
Biotech companies often wait too long, allowing CDAs, provider agreements, and pricing schedules to pile up before prioritizing contract management best practices. Fortunately, you don't need a JD to transform your contracting workflows. With CLM, biotech companies bring order to the contract chaos. This brings many benefits, including:
Contract organization: Categorize and classify signed contracts to improve speed-to-market, compliance, and new product collaboration.
Commitment insights: Extract critical information from every contract – and turn static dates and commitment data into actionable insights.
Repurpose contract language for easy drafting: Insert preferred language directly into new contracts and existing templates.
Accelerate deals, fundraising, and M&A: Capitalize on liquidity or M&A opportunities with easy access to deal disclosures and due diligence data.
De-risk third-party agreements: Centralize third-party contract management, automate review processes and expose non-standard clauses and other liabilities lurking in contracts.
CLM software is essential for any biotech company, connecting every contract phase–from initiation and execution to renewal. Bringing order to contracting processes doesn't need to wait until your first legal hire.