The global pandemic has spurred technology innovation in the pharmaceutical industry as companies try to keep up with ever-changing demands and regulations. As supply chains worldwide crumbled under pressure from the pandemic, the need for vendor visibility thorough regulatory compliance and adoption of new technology became even more vital for future progress and stability. Here are three major ways COVID-19 has shaken up the pharmaceutical industry.
The importance of vendor contract visibility
Global pharmaceutical supply chains are subject to a wide variety of obstacles, and success in the supply chain will hinge on the availability of real-time information and the ability to collaborate with suppliers. The best way for pharma to manage uncertainty is to leverage automation for supplier relationships. Rather than placing demands on an already strained workforce to track down deliverables and search archaic contracts for commitments, a single secured system monitors the status of contracts. Alerts and notifications let users know exactly what is coming up short, by how much, and whether a breach of contract has occurred.
By leveraging a supplier/vendor portal, the conversations about shortfalls and risk happen in real time and are recorded to support regulatory standards. A portal also allows vendors, partners, and suppliers to submit contract and other requests to speed key business processes like sales, procurement, and legal operations.
An increase in intense legal scrutiny
Thanks to operation warp speed, companies with promising COVID-19 tests have been awarded huge injections of money to produce vaccines. This level of competition for prestige and funding has thrust pharmaceutical companies into the legal spotlight. As a result, government prosecutors are keeping a keen eye on healthcare actors. This means pharma and biotech companies must pay even more attention to their security and compliance to decrease as much risk as possible.
An automated contract process saves pharma companies the expenses that come with manual auditing and protects them from the sanctions that result from errors. By creating a system to easily monitor contracts, companies can quickly find and trace contracts involving intellectual property, royalties, or other company information that drive informed decisions. Creating event-triggered notifications tailored to different types of contracts also lets users know exactly what is coming up short, by how much, and whether a breach of contract has occurred.
New technology introduces greater agility and control
To aid in risk mitigation, pharma companies must also leverage new technology like artificial intelligence and machine learning. Due to the bulk of data and contracts that pharma/biotech companies use on a daily basis, they are well suited to take on the challenges of AI. As with any AI solution, upfront work is required for it to be effective, but the payoff could save a significant amount of time and money.
Pharma and biotech companies can also innovate by leveraging automation to increase productivity and automatically inform employees when they need to take action. An automated contract management system can automatically inform procurement departments when contracts for purchases are in place, which eliminates bottlenecks and communication breakdowns between departments.
The pharmaceutical industry was dealt a series of unprecedented challenges due to the pandemic and has worked tirelessly to solve them. These challenges are a sign that the industry is ripe for innovation. The global consequences of the pandemic have been massive, but so have the advancements made to treat and prevent COVID-19. As the pharma industry works to create their new normal, they must evaluate the industry’s shortcomings and embrace new technology that can help them thrive.
