Managing Contracts

Inefficient Contract Management

A mid-sized pharmaceutical company, the Sponsor, was struggling to manage its growing portfolio of clinical trials. Their biggest challenge was the inability to effectively oversee contracts with their Contract Research Organizations (CROs). The reliance on outdated Excel-based systems led to frequent miscommunications, missed deadlines, and contract discrepancies. As their trials expanded in complexity, so did the volume of change orders, which became unmanageable. The company found itself overwhelmed by an increasing number of amendments, which delayed trial timelines and inflated costs. Their teams wasted hours reviewing lengthy documents and tracking down approvals, which caused frustration across departments. CROs also expressed dissatisfaction with the lack of clarity and transparency in the Sponsor’s budgeting and contract management processes, often resulting in disputes over change orders and scope changes. Additionally, the absence of centralized data made it impossible to accurately forecast spending, leading to budget overruns that regularly surpassed 20%. Faced with mounting inefficiencies and increasing financial strain, the Sponsor knew they had to find a better way to manage contracts, control change orders, and bring transparency into their vendor relationships.

LEAD Enhances Contract Oversight

The Sponsor chose to implement Clinical Maestro’s SOURCE for strategic clinical service provider outsourcing management and LEAD contract management systems seeking to address these critical pain points. SOURCE replaced their outdated Excel workbooks, centralizing all R&D outsourcing management, from vendor selection to bid management. With AI-enabled bid grid mapping and side-by-side proposal comparisons, the Sponsor was able to efficiently manage CRO bidding. LEAD further enhanced their operations by enabling complete visibility through tracking contract changes, managing change orders in real time, and forecasting out-of-scope activities, ensuring transparency at every stage of the clinical trial process. This streamlined the process, reducing both manual work and errors, while empowering teams with data-driven insights for better decision-making.

Increased Efficiency, Reduced Costs

Within just a few months of using Clinical Maestro, the Sponsor saw substantial improvements. Contract management efficiency improved by over 50%, and their teams were able to generate accurate bids and negotiate contracts much faster. By centralizing all contract data in one platform, they eliminated costly errors and reduced the volume of change orders by 30%. The enhanced transparency provided by LEAD allowed for better vendor relationships, reducing disputes over scope and payment terms. The Sponsor’s ability to forecast budgets became far more precise, leading to a 15% reduction in overall trial costs. The newfound efficiency allowed them to reallocate resources and accelerate trial timelines.

Transforming Contract Management with LEAD

This Sponsor’s experience underscores the importance of having a robust, centralized system for contract and vendor management. Strategikon applications empowered them to overcome inefficiencies, control costs, and improve collaboration with their CROs. By streamlining contract workflows and providing real-time visibility, the Sponsor transformed its clinical trial management, positioning itself for greater success in a highly competitive and regulated industry.