<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=229461991482875&amp;ev=PageView&amp;noscript=1">
Why specialization is so important for Life Science & BioScience companies
4:18

Businesses in BioScience and Life Sciences have specific challenges that other businesses do not face: the process of clinical trials and the unpredictable path to commercialization.

This unique challenge means they must implement a technological infrastructure that keeps pace. They also need specialist business solutions and consultants who help them see potential challenges well in advance.

This July 2024, Gatekeeper has partnered with Sikich LLP, an accounting, tax and audit firm based in Boston, Massachusetts who are the leading advisor for businesses in Life Sciences and BioScience. Together, we will ensure our customers maintain pace and efficiency through their technology and business strategy.

Why Sikich?

Sikich has helped hundreds of Life Sciences companies grow from pre-revenue to commercialization quickly and painlessly. Now through Gatekeeper and Sikich’s partnership, these businesses can accelerate their operations even further using best-in-class Vendor & Contract Lifecycle Management technology.

Sikich and Gatekeeper understand what software businesses in Life Sciences, BioSciences and Healthcare require and allow them to implement three core practices:

  • Restore Visibility across vendor contracts and vendors
  • Take Control of vendor relationships and automate contract deliverables
  • Safeguard Compliance through real-time, proactive monitoring of vendor cyber ratings, credit ratings and ESG practices

Compliance Risk for Life Sciences and BioScience Companies

In November 2023, US Radiology Specialist was fined $450,000 by New York AG over a data breach. But why is this a warning signal that all businesses in Life Sciences, BioSciences and Healthcare must pay attention to?

Companies in the Life Sciences & BioScience sectors are continuously growing their ecosystem of vendors and third-party connections. As a result, their risk around vendor compliance, supply chain, credit risk and cyber breaches also increases.

SecurityScorecard’s February 2024 report finds that “healthcare has the highest volume [of third-party attacks]” above all other sectors.

Through Gatekeeper’s software, businesses can ensure that every vendor or third-party connection is being monitored in real-time, ensuring that any data breach, cyber attack or credit risk is automatically detected and a risk management workflow triggered.

Having this in place for these businesses gives back crucial time to the team who are building the business itself.

What are the risks of poor vendor relationship management?

  • Fined - due to failed compliance - when a vendor in your supply chain/vendor base does not adhere to legislations, this puts you at risk of failing compliance
  • Bleeding cash - when you do not have visibility across all vendor contracts, you auto-renew vendor/supplier contracts as you did not get a chance to review, renegotiate or terminate
  • Paying fraudulent (unauthorized) vendors - when a robust vendor onboarding process is not in place you cannot see who is approved or not
  • Heavy administrative burden - manually inputting the data and updating information across multiple data sources is time-consuming
  • Breaches of data - third-party vendors experiencing data breaches makes you liable for fines as well

How do I know if my business is at risk?

There are a few indicators which quickly ascertain whether your business is likely to be bleeding cash from neglected vendor management (which by the way, are relevant for the majority of businesses in this sector today):

  • Managing vendors and contracts across several tools
  • Using a combination of spreadsheets, email and shared drives
  • Struggling to track key dates, including renewals and expiries
  • Responding reactively to change rather than proactively
  • Finding it difficult to track vendor performance and obligation fulfillment

These issues are caused by manual and disconnected vendor and contract management processes - ways of working which are increasingly proving inadequate

Are you a Sikich client and want to learn more? Join Our Breakfast Workshop in Boston, August 27 2024

.

Shannon Smith
Shannon Smith

Shannon Smith bridges the gap between expert knowledge and practical VCLM application. Through her extensive writing, and years within the industry, she has become a trusted resource for Procurement and Legal professionals seeking to navigate the ever-changing landscape of vendor management, contract management and third-party risk management.

Tags

Contract Management , Control , Vendor Management , Compliance , Contract Lifecycle Management , Contract Management Software , Visibility , Contract Lifecycle , Case Study , Supplier Management , Vendor Management Software , Contract Risk Management , Vendor and Contract Lifecycle Management , Contract Management Strategy , Contract Repository , Regulation , Risk Mitigation , Contract Automation , Workflows , Artificial Intelligence , CLM , Contract Ownership , Contract Visibility , Contracts , Procurement , Regulatory compliance , Supplier Performance , Supplier Risk , TPRM , Third Party Risk Management , VCLM , Contract and vendor management , Legal , Legal Ops , Podcast , Risk , Vendor Onboarding , contract renewals , Future of Procurement , Gatekeeper Guides , Procurement Reimagined , Procurement Strategy , RFP , Supplier Relationships , Business continuity , CLM solutions , COVID-19 , Contract Managers , Contract Performance , Contract Redlining , Contract Review , Contract Risk , Contract compliance , ESG , Metadata , Negotiation , SaaS , Supplier Management Software , Vendor Portal , Vendor risk , webinar , AI , Clause Library , Contract Administration , Contract Approvals , Contract Management Plans , ESG Compliance , Kanban , RBAC , Recession Planning , SOC Reports , Security , Sustainable Procurement , collaboration , Audit preparedness , Audit readiness , Audits , Business Case , Clause Template , Contract Breach , Contract Governance , Contract Management Audit , Contract Management Automation , Contract Monitoring , Contract Obligations , Contract Outcomes , Contract Reporting , Contract Tracking , Contract Value , DORA , Dashboards , Data Fragmentation , Due Diligence , ECCTA , Employee Portal , Excel , FCA , ISO Certification , KPIs , Legal automation , LegalTech , Market IQ , NetSuite , Obligations Management , Partnerships , Procurement Planning , Redline , Scaling Business , Spend Analysis , Standard Contractual Clauses , Suppler Management Software , Touchless Contracts , Vendor Relationship Management , Vendor risk management , central repository , success hours , time-to-contract , APRA CPS 230 , APRA CPS 234 , Australia , BCP , Bill S-211 , Breach of Contract , Brexit , Business Growth , CCPA , CMS , CPRA 2020 , CSR , Categorisation , Centralisation , Certifications , Cloud , Conferences , Confidentiality , Contract Ambiguity , Contract Analysis , Contract Approval , Contract Attributes , Contract Challenges , Contract Change Management , Contract Community , Contract Disengagement , Contract Disputes , Contract Drafting , Contract Economics , Contract Execution , Contract Management Features , Contract Management Optimisation , Contract Management pain points , Contract Negotiation , Contract Obscurity , Contract Reminder Software , Contract Routing , Contract Stratification , Contract Templates , Contract Termination , Contract Volatility , Contract relevance , Contract relevance review , Contracting Standards , Contracting Standards Review , Cyber health , DPW , Data Privacy , Data Sovereignty , Definitions , Digital Transformation , Disputes , EU , Electronic Signatures , Enterprise , Enterprise Contract Management , Financial Services , Financial Stability , Force Majeure , GDPR , Gatekeeper , Healthcare , ISO , IT , Implementation , Integrations , Intergrations , Key Contracts , Measurement , Mergers and Acquisitions , Microsoft Word , Modern Slavery , NDA , Operations , Parallel Approvals , Pharma , Planning , Port Agency , Pricing , RAG Status , Redlining , Redlining solutions , Requirements , SaaStock , Shipping , Spend optimzation , Startups , SuiteApp , SuiteWorld , Supplier Cataloguing , Technology , Usability , Vendor Consolidation , Vendor Governance , Vendor compliance , Vendor reporting , Voice of the CEO , automation , concentration risk , contract management processes , contract reminders , document automation , eSign , enterprise vendor management , esignature , post-signature , remote working , vendor centric , vendor lifecycle management

Related Content

 

subscribe to our newsletter

 

Sign up today to receive the latest GateKeeper content in your inbox.

Subscribe to Email Updates