Licensing Drugs and Medical Devices with a Virtual Data RoomAuthor: Logan Tanner
Any company that works in the biotech industry needs proper data management tools. For them, information security is one of the most important things. When the organization wants to license new drugs or medical devices, they need a place to store and distribute data among partners and regulatory advisors. It does not matter whether your business is small or big. An online data room for licensing is a good solution for maintaining data security. A VDR is an online data repository that offers industry-leading security features. In this blog post, you will read how VDRs can help your business when licensing drugs and medical devices.
A VDR for Licensing is the Securest Solution
Virtual data rooms are far more secure than any other online storage service on the market. Offering both physical and digital security protocols, VDRs are purpose-built around corporate data security. They provide you with 24/7 access to your critical documents. Regarding the physical security features, guards patrol the data centers at all times. They have surveillance cameras monitoring the premises. Furthermore, backup power generators are available as well. And backup servers in remote geographical locations will be put to use in the case of emergency.
Considering digital security options offered by virtual data rooms, multi-layered firewalls protect the servers that house your data. VDRs employ the best commercial-grade 256-bit data encryption. It will encrypt your data both when it is at rest within the data room and when being accessed by the data room users.
Other security features are offered as well. There is two-stage authentication for logging in to the account. And they offer a “fence-view” mode that inhibits viewing of the documents to further prevent data leakage. All of these features are designed to ensure that only you can access your IP. Especially when dealing with possibly dangerous drugs that could cost your company millions. Data security is vital to make sure that you can properly take them through the licensing process without being stolen.
Regulation and Compliance are Assured When You Use Data Room for Licensing
During the medical device or drug licensing process, your company will go through auditing to make sure you comply with the applicable regulations. A virtual data room can be invaluable in these auditing processes. It will provide security options, higher efficiency, and accuracy for information management. During auditing, you will receive a checklist of all files and information needed for compliance.
First, simply create a folder in your room. Then add all of the files and information into that folder for easy access for auditors. This will save your team hours of administrative work in finding the right files and making copies for auditing purposes. Furthermore, VDRs can provide you with a detailed audit trail of who has viewed which files within your data room. This can be useful, as it allows you to follow the auditing team’s progress, as you will see which documents have been investigated and which have not been paid attention to.
Improve Access Control with Data Room for Licensing
One of the most significant features of VDRs that apply to the licensing of drugs and medical devices is that of data and access control. They give you the ability to have many parties involved in a single deal. It means that you can entertain multiple partnership possibilities at one time without them knowing of each other’s presence.
Again, you can use the audit trail feature to track the interest of each party, and then beef up the information in the particular sectors that they might be focusing on. This can boost the possibility of a successful offer from at least one of the parties. Furthermore, it can save time spent on licensing. Because having more than one partner viewing your data means you can have more offers in a shorter amount of time. All this will only increase the chances of your drug or medical device’s success in the licensing process.