The brand's history spans over 130 years and began with its founding in Switzerland as Kern & Sandoz in 1886. Sandoz is known for producing the first oral penicillin in 1951 and discovering the immunosuppressive qualities of cyclosporine, which is now widely used for transplants.
Novartis unified its generics businesses under the Sandoz brand in 2003, and the company has since grown steadily to reach more than $10 billion in sales worldwide.
Today, Sandoz is a global leader in generic pharmaceuticals and biosimilars. The company has over 1000 molecules in its portfolio, employs more than 26,000 people across multiple locations, and generates a yearly volume of over 8,000 contracts alone. They sought to optimize the drafting process for service and sponsorship contracts, as well as healthcare practitioner documents, leading them to choose ContractWorks CLM.
When we began working with Sandoz, they were managing over 600 legal documents monthly, with contract managers spending an average of 30 minutes on each document. The legal document drafting process had minimal to no automation, leading to manual data entry and a cumbersome review process that resulted in frequent errors and delays in contracting.
After discussing our findings with Sandoz's General Counsel, it became evident that ContractWorks CLM could greatly improve their operations and align with the company's commitment to innovation.
Our collaboration with Sandoz involved three key stages:
30-minute drafting time
8,000+ documents annually
Manual drafting caused mistakes
The General Counsel's office was very satisfied with our team's support and the newly implemented contract drafting system, recognizing the significant gains achieved.
With the support and training provided by ContractWorks, both the General Counsel's office and Contract Managers at Sandoz were able to seamlessly adopt the new system.
The advantages of our contract automation software are evident: the average time to draft a legal document has reduced to just 3 minutes and 55 seconds, resulting in an 87% increase in productivity. Considering Sandoz's annual output of over 8,000 documents, ContractWorks saves the company the equivalent of two person-years of work annually. This translates to an estimated cost savings of $313,200 per year, based on average US lawyer wages. The system eliminates the need for manual editing, ensuring minimal chances of human error. Furthermore, the integrated database of ContractWorks facilitates consistent sharing of relevant data across contracts and healthcare documents. Each finalized document is assigned a unique ContractWorks identifier and is protected against edits, eliminating the need for secondary checks and reviews. Finally, all drafted documents are immediately routed for e-signature.
Save up to $313,200 annually
Increase productivity by 87%
Eliminated human-caused errors
Documents are e-sign ready