This article is brought to you by Merrill DataSite.
Management of critical data and transactions linked to patient handling, mergers and acquisitions, procurement of medical equipment, drug patents and licenses represents some of the daily humdrum in the health care sector. The pharmaceutical and biotech industries are bogged down with complexities such as maintenance of confidential information and the intellectual property of companies looking for potential licensing partners for their products. These factors create the need for a highly effective and compliant document management system.
Intellectual property is the lifeblood of pharmaceutical companies. Very often there is a limited time gap between receiving patent protection for a product and generating revenue for the same. Merrill DataSite provides virtual data room, or VDR, software solutions that serve as well-monitored and controlled platforms to store, share and disseminate necessary information to authorized parties. Established in 2002, the Minnesota-based company has conducted more than a million electronic due diligence procedures on asset transactions worth trillions of dollars.
When it comes to dealing with sensitive information with outside parties, myriad solution providers give discounts or free services in the marketplace. However, these providers may not understand their clients’ strengths and weaknesses and may provide an inadequate level of security. A Merrill DataSite VDR allows companies to determine who can view their documents and to monitor which documents have been accessed. Our fully featured VDR shares information with the outside parties and exercises strict control and observation on the due diligence process. This could be beneficial if litigation were to occur.
James “Rusty” Wiley is CEO of Merrill Corporation, a global provider of outsourced solutions for business communication and information management, including the Merrill DataSite secure virtual data rooms.