People’s lives have changed radically and their health conditions have improved due to the introduction of new drugs, treatments, and therapies. This is thanks to biotechnology firms that benefit people through the successful patent licensing of these discoveries and as a result, contribute to the fact that new drugs, treatments and therapies reach patients. It is a challenging task for biotechnology companies to find prospective licensing partners and they need to share a number of highly confidential documents while searching for the right partnership with companies, some of which can actually be their competitors. This is a case where we are needed to ensure that none of the proprietary documents is compromised throughout the process.
The protection of proprietary IP
It is critical for a biotechnology company to be able to properly protect its proprietary IP, clinical trial and all patient data. If any leak of data occurs, the financial loss can easily soar into billions of dollars. Many biotechnology firms opt to use non-electronic means for sharing data due to the massive amount of capital investment that is at stake. However, using non-electronic data sharing methods often results in biotech companies incurring expensive information-sharing costs and suffering from inefficient operations and the logistical difficulties of having to simultaneously share the same documents with multiple prospective partners. In addition, their data has an increased exposure to risk in this case.
Advancing Licensing Deals Rapidly and Securely
We offer the software, which is a sophisticated, on-demand web-based, document sharing and management workplace. Using the VDR will accelerate the process of licensing while ensuring the highest level of security possible for all the confidential data. The easy-to-use online deal room offers all prospective licensing partners the ability to view and evaluate confidential documents in real time and in a highly protected environment.
The Licensing Process
Biotechnology companies often need to share new research with all of their existing and potential partners in an effort to negotiate and maintain their licensing deals. At the same time, they must retain complete ownership and control of their documents and all the data shared with other groups must be retracted quickly and completely in order for their intellectual property to stay protected.
With our solution, biotech companies are able to:
- Quickly and safely distribute both IP and clinical trial information
- Provide multiple groups with the ability to view the same documents in parallel
- Eliminate the need for expensive face-to-face meetings and physical data rooms
- Prevent unsolicited printing, downloading, or forwarding of documents while providing a safe, on demand document viewing environment
- Track activity levels of potential partners to gauge interest
- Comply with regulatory objectives via a comprehensive reporting and audit trail
Once a licensing partner is successfully secured, the data room remains efficient in a number of ways, such as:
- Management of negotiations and related paperwork for contracts
- Collaboration between the biotech company and licensee in a safe and secure environment
- Compliance with requirements for maintaining strict documentation
Virtual Data Room Features
- Availability - All documentation and pertinent information is available 24 hours a day, 7 days a week, and 365 days a year worldwide from any computer via the web browser. In addition, new participants can be easily added to the room.
- Document Creation and Modification – The administrator can add or retract documents in a real time environment.
- Strict Access Control – Downloading and/or printing can be selectively prohibited by the administrator.
- Document security – Dynamically embedded watermarks are used on each page as a security measure in order to prevent camera-based attacks.
- Intuitive Interface – An easy-to-use application requiring no software or training prior to use.
- Audit Trail – Detailed reports regarding who viewed which documents and the time and the duration of the documents being viewed are sent to the administrator.
- Common security – Elimination of unmanageable FTP sites and internal servers. In addition, security concerns and capacity limitations of e-mail are avoided by distributing information quickly and securely in a VDR.
- Search and discussion - search tools help find all the information easily. In addition, Q&A sessions offer immediate clarification of information as needed.