Contract Discovery and Analytics for the pharmaceutical, biotechnology, and medical technologies industries.
The Life Sciences industry is dynamic and highly regulated, making it hard for companies to consistently grow revenues and profits, and stay competitive. Experts signal strong demand ahead, but hitting profitability objectives is challenging due to high discounts, price controls, public sector purchasing policies, and the move to value-based care.
It has never been as hard for Life Sciences companies than now. Companies must deal with mandates such as the Sunshine Act, Stark Act, and strict HIPAA regulations which add costs and time to product development and marketing.
The cost to develop a new drug is growing, and estimated to average $2.6B¹, and with regulatory and industry pressures on drug prices, there is increasing financial risk for pharma and biotech companies.
Life Sciences companies are working hard to position themselves for growth and profitability through portfolio adjustments and restructuring, cost cutting measures, increased focus on high-performing therapeutic areas and geographic markets, and targeted deal-making.
The Role of Contracts in Life Sciences
Contracts and effective contract management is critical for Life Sciences companies. Companies depend on a clear understanding of contract data for M&A, IP ownership and management, indirect and direct procurement, sales and distribution, regulatory compliance, facilities, and clinical operations.
But often the processes around the creation of contracts, contract data management, renewals, and retirement has typically been departmentally driven using different systems. For this reason, companies struggle with an enterprise-wide view of contracts, and being able to answer questions like the following:
- Do all consulting contracts comply with HIPAA, Stark Law, and Sunshine Act?
- How many of my distribution agreements include auto-renewals?
- What are my specific obligations in the case of data breach?
- Are all my IP agreements using approved and standard language?
- What are the specific rebates and discounts being offered to various payors?
Seal is the solution…
Using advanced technology, Seal offers a fast, economical and automated process to find contracts wherever they are. Seal replaces much of the manual work, lowering the cost and speeding the process of finding contract terms and provisions for M&A, regulatory compliance, risk assessment, procurement, or commercial insight initiatives.
Seal is being used by some of the largest Life Sciences companies in the world to better manage their contract data. It provides a lower cost, more efficient, and more accurate way to extract contract data for better decision making. Seal helps Life Sciences companies unlock the value buried deep within their contract portfolios.
For more information, please download our Life Sciences datasheet in the right-hand column of this page.
1. Tufts Center for the Study of Drug Development (CSDD)