VDR tips for Life Science Companies

Last updated on June 23rd, 2023 at 09:51 am

INTRODUCTION

Securing data in Life science & Healthcare companies is as important as working on mission critical medicines to serve humanity. Clinical research companies conduct a lot of bio-medical experiments and are therefore responsible for keeping safe confidential medical information about the patients and volunteers.

A VDR in Life Science plays a very important role in streamlining and securing sensitive data and its sharing processes with all the concerned parties: the patients, researchers and certifying as well as regulatory bodies of clinical procedures.

VDR’s minimize the risk of the classified information into the wrong hands. They enable easy access on mobile devices and desktop, and ensure that every authorized person has access to right data, for the right amount of time, while all activities are constantly reported. Such a parallel online collaboration allows assures great transparency and control of the project and results in less mistakes, less cost and faster completion of the project.

Benefits of virtual data rooms in life sciences:

Document Security and Confidentiality

Sophisticated technologies enable absolute data protection by securing confidential documents and intellectual property on multiple levels. Secondly, many supporting tools further fortify this security by filtering and restricting unwanted activity. You can also disable printing function that allows to view documents only in a data room

Moreover, you can quickly redact text, image, or area of the document to protect sensitive and personally identifiable information (PII), and stay compliant with international regulations like GDPR, PIPA, or HIPAA.

Ensures your IP is fully protected

A Life Science company’s IP is often its sole asset, so safeguarding it is essential. Our VDR’s document permissions let you easily control which documents a given user can see – and what they can do with that information. For instance, you may want external parties to only be able to view a confidential document, but not print or download it. In-app watermarking provides another layer of document security.

For additional peace of mind, you can always triple-check document and user permissions on the Permissions Dashboard on our Analytics tab. In addition, we recommend closely tracking user activity on your most important documents. You can do this on the Analytics tab or ask our service team to create a custom report for you, which you can receive as often as you like.

Strict Compliance Regulation

Any reliable provider of virtual data room for life science must present proof of compliance with relevant regulations. For example, compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA) indicates that the provider uses best practices in administration and security.

Advanced Due Diligence

Fast and organized due diligence is essential to complex life science processes such as pharma licensing or initial public offerings (IPOs). Virtual data rooms assist with streamlining these procedures by providing checklists, templates, and digital communication tools.

Easy Tracking and Monitoring

With virtual data rooms for life sciences, you can easily track the progress of any deal or project. A unified dashboard view can both assist with managing the workflow and locating the weak elements in the process.

More Efficient Collaboration

A VDR allows all authorized parties to collaborate and contribute in the process securely and effectively. Plus, digital collaboration is more cost-effective than in-person deal making.

Convenient Adaptability & Integration 

Advanced VDR’s can synchronize with tools and platforms you already use. Such adaptability eliminates the risks of not reaching the right people or appearing unprepared in front of the buyers. 

Access Control

Permission-based access structures allow taking complete control over any activity within the life science data room. You can revoke access to your documents anytime, even if they are downloaded.

Convenient Accessibility

VDR’s are accessible from anywhere in the world, at any time and on any devices including mobiles and iPad. This is especially beneficial during international deal making and collaboration.

One data room, multiple financial transactions

Running multiple parallel track processes is common in the Life Sciences industry. You’ll often need to share documents with different parties, for a variety of purposes. For example, clients may have multiple licensing deals, and/or an IPO or sell side deal happening at the same time.

Our VDR lets you set each transaction up as a separate file room on your main index. This enables you to manage each process from one central location with a high level of security. Because your transactions will require many of the same files and underlying documents, this also lets you easily replicate your work on one process and then simply adjust for the transaction at hand.

VDR in healthcare not only helps in securing critical data like clinical trials but also helps in IPO, Fund Raising, Mergers & Acquisitions, IP licensing and Regulatory communications.   

Moreover, the security, control and convenience provided by a VDR are not short-term technological gratifications but integral elements of corporate management, which should be adopted right away.