ICM Chosen by Leading Biotechnology Company to Streamline its Contracting Processes While Improving Compliance.
Icertis, the leading provider of enterprise contract management in the cloud, today announced Regeneron Pharmaceuticals, Inc., has deployed the Icertis Contract Management (ICM) platform as its contract management system. Regeneron, a leading biotechnology company that invents life-transforming medicines for people with serious diseases, rolled out the Icertis platform in March 2020 as part of a transformation initiative to accelerate contracting while improving compliance.
To better manage its scientific and business activities and advance the development of innovative therapies, Regeneron sought out an enterprise-wide contract lifecycle management (CLM) solution for its large and rapidly growing volume of a wide variety of legal contracts, including confidentiality agreements, master services agreements and statements of work as well as contracts covering research collaborations, clinical trials, consultantships, real estate transactions, and information technology agreements.
ICM was deployed to streamline, automate and standardize Regeneron’s processes for requesting, creating, reviewing, and approving contracts and for storing, locating and managing contracts after they’ve been signed.
The Icertis CLM implementation focused on designing and building a system that leverages the platform’s impressive functionality to reduce cycle times and improve the operating efficiency of Regeneron’s Law Department and Strategic Sourcing & Procurement teams for the benefit of its scientists and business end-users. At the same time, ICM helps mitigate risk for the company by improving policy and regulatory compliance and reducing contracting errors.
“We are excited to have Regeneron, a biotech pioneer that is translating cutting-edge science into medicine for patients in need, as one of our growing number of customers in the biopharmaceutical industry,” said Samir Bodas, CEO, and Co-founder of Icertis. “In the effort to bring new cures to market, leading biopharma companies to seek operational efficiencies so that their people can better focus on critical scientific and business projects. We look forward to supporting Regeneron in this way as they push the boundaries of science to positively impact patient health.”
Icertis’ Focus on Life Sciences
Pharmaceutical and biotech companies are grappling with a range of issues rooted in contract management including complex drug trial processes, highly regulated promotional programs, and complex global supply chains. Today, it is more important than ever that these companies manage their commercial relationships with contracting – the foundation of commerce. With experience in delivering quick and sustained value to 5 of the top 7 pharmaceutical companies and over 35 life sciences customers, Icertis delivers deep contract management domain expertise to the life sciences industry.