As companies experience significant growth and hit major milestones in their evolution, they often need to re-evaluate their existing processes and determine whether the way they’ve been operating is sustainable, or if changes are needed. A company going public without a doubt qualifies as a milestone that would lead to this evaluation, not to mention all of the additional requirements and restrictions that come with being a public company. A pharmaceutical company receiving FDA approval for one of their products is another milestone that would lead to an examination of internal policies and procedures.
Xeris Pharmaceuticals experienced both of these scenarios above in a span of just over a year. During this remarkable phase of growth, the volume and scrutiny of Xeris’ corporate agreements would increase exponentially, leading to the need for a more sophisticated system for managing these contracts and the data held within them.
Here’s a look at how ContractWorks helps Xeris track contract milestones, tighten internal controls, and provide stakeholders with insights into their most important contracts.
Headquartered in Chicago, Illinois, Xeris (Nasdaq: XERS) is a specialty pharmaceutical company delivering innovative solutions to simplify the experience of administering important therapies that people rely on every day around the world. After going public in 2018, the compliance and regulatory requirements Xeris had to comply with ramped up drastically. To prepare for this next phase of the company’s evolution, Xeris needed to ensure that they had the tools and processes in place to stay organized and demonstrate that the internal controls and delegation of authority were being followed.
Contract Management Challenges
Growing companies reach a point in their lifecycle when the existing ways of tracking, routing, and signing corporate documents no longer make sense. The volume of high-risk contracts quickly increases, along with the repercussions of not effectively managing those agreements and their deadlines and deliverables.
Before implementing ContractWorks CLM software, Xeris did not have a formal contract management process in place. Contracts were split between physical folders and shared drives, and were loosely tracked on a spreadsheet, making it next to impossible to manage a rapidly growing contract portfolio and related deadlines. Xeris also knew they needed to tighten their protocols and implement additional safeguards into their contracting process as they grew.
How ContractWorks has Helped
Since implementing ContractWorks, Xeris has greatly improved their contracting protocols and now has a system in place to help demonstrate compliance with regulations, including the Sunshine Act, Insider Trading regulations, and more. Xeris now manages over 6,000 contracts, a near-impossible task without dedicated contract management software. And while it started as simply a contract repository, Contracts Manager Adrienne Foster now routes all contracts that need internal sign-off through the ContractWorks platform using the built-in electronic signature tool, routes vendor contracts for signature, runs reports to provide various department leaders with insights into key contract details like the contract’s owner, dollar amount, effective date, and expiration date, and has automatic processes in place to notify the appropriate managers when company policy documents have been signed.