The majority of business in this industry is contract-driven. But instead of being referenced as living documents to govern the customer relationship throughout the contract lifecycle, contracts are filed away after signing.
Contract management is laden with risk. There is risk of non-compliance, risk of litigation, risk of fines, risk of revenue leakage and risk of customer dissatisfaction. Exacerbating the risk, contract management processes tend to be disconnected, consisting of ad-hoc, manual activities when they should be a streamlined process. These inefficiencies translate to time-consuming processes, poor accessibility, missed revenue opportunities and financial exposure from non-compliance.
When you consider that even a minor amount of revenue leakage on a huge contract can translate to a multi-million dollar loss, it is easy to see why contract management is a core business concern for Life Sciences companies. Done correctly, contract management can provide your organization with a competitive advantage.
Commercial Contracting refers to contracts pharmaceutical companies make with non-government entities to increase patient access and market share. Contracts must be compliant with corporate integrity agreements (CIAs) and the “best price” from all contracts must be reported. Commercial Contracting solutions center on compliance, profitability and ideal pricing strategies.
Our proven solution consists of two pieces:
We are typically engaged by Life Sciences professionals who are responsible for financial operations or sales and marketing in Life Sciences companies and who may be:
Our team of industry experts will help you make a compelling business case for the use of our Commercial Contracting solutions, including improved operational efficiency, data integrity, enhanced compliance and profitability.
We offer significant expertise in Life Sciences, Process Management, Technology and Change Management to provide your company with a multitude of benefits, including:
Request a free consultation with one of Paragon's leading industry advisors to discuss the best solution for your organization's unique challenges and goals.