Recently, World Commerce & Contracting released its highly anticipated global 2021 Benchmark Report. The report represents the most comprehensive survey of commercial and contracting professionals ever, featuring insights from a diverse group of contract professionals spanning buy-side, sell-side and a multitude of industries. 

For the Healthcare and Pharma industries in particular, respondents reported that while their industries were among the earliest to embrace contract management technology, there are signs that some of these systems may now be outdated.

Key findings include:

  • Only 5.6% of Healthcare and Pharma companies leverage automating contract collaboration and redlining (compared to a cross-industry rate of 14%)
  • Only 30% of Healthcare and Pharma respondents said their contract management teams were involved in post-award contract changes and renegotiations (compared with a cross-industry average of 38%)
  • Healthcare and Pharma groups are much less likely to be leading change initiatives (27% versus 43%) and are spending far more time on drafting and developing contracts

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