In global pharmaceutical operations, compliance and precision are non-negotiable. With stringent regulations, supply chain disruptions, and shifting market dynamics, pharmaceutical companies need to adapt and innovate to stay compliant with new legislation and maintain efficiency across their enterprises.

Enter Luminance’s Legal-Grade™ AI, a tool that companies around the globe are adopting to supercharge their operations. To delve deeper into this transformation, we caught up with Anna Rawlence, VP of Customer Success at Luminance, who shared her insights on how she’s seeing AI driving innovation in the pharmaceutical sector.

Q: Why is AI becoming indispensable for pharmaceutical companies?

Anna: The pharmaceutical sector is complex, fast-paced, and highly regulated. Companies have to juggle drug development, supply and distribution, and multiple global jurisdictions. They must work efficiently while balancing innovation and compliance. Luminance’s Legal-Grade™ AI helps teams navigate complex compliance requirements and accelerates drug development and distribution processes. From automating patent reviews to ensuring adherence to clinical trial regulations, our AI streamlines contract management throughout the document lifecycle, improving efficiency and enhancing compliance both pre- and post-execution.

Q: How exactly does Luminance ensure regulatory compliance?

Anna: Compliance is the bedrock of operations in pharma. Luminance’s contract negotiation functionality automatically reviews documentation and identifies any red flags or deviations from the company's gold standard and industry regulations. With Auto Mark-Up, contracts can be aligned in just one click. Once executed, Luminance’s AI-powered repository provides granular insights into the entire database, surfacing critical information. Our latest feature, Deep Insight, autonomously analyzes contracts against trusted third-party sources to identify regulatory deviations and create actionable strategies to minimize the risk of costly breaches.

Q: How does that work in practice?

Anna: Let’s say new regulation has just come in which demands greater pricing transparency or affects patient confidentiality requirements. With Luminance, companies can instantly assess their existing contract database against these new requirements, to check whether they’re compliant or any necessary action. Luminance provides an in-depth analysis and offers tangible advice for next steps to mitigate any risk. Not only does this translate to significant time-savings, but it also protects organizations from hefty fines or reputational damage.

Q: How else can Luminance help pharmaceutical companies protect their revenue?

Anna: Insight and efficiency across the business are key to preventing revenue leakage. Luminance’s repository extracts business-critical data to ensure all obligations are met, whether that’s from Distribution Agreements or clinical trial contracts. Automatic Alerts ensure that critical milestones, like termination dates, aren't missed, preventing lost revenue. Coupled with an intuitive dashboard that tracks KPIs, Luminance allows teams to proactively resolve potential revenue issues before they arise.

Q: Speaking of efficiency, what impact does Luminance have on pharmaceutical supply chains?

Anna: Streamlining the supply chain is another area where Luminance excels. Our Workflow Editor facilitates approval processes and allows simultaneous reviews, improving transparency in collaborative agreements and reducing bottlenecks. It’s also worth noting that our technology is language- and jurisdiction-agnostic – this means teams can use the AI to negotiate contracts globally, regardless of language or regional law. Collaboration on complex, international agreements has never been swifter.

Q: What future do you see for pharmaceuticals adopting AI like Luminance?

Anna: The future is immensely promising. As AI integration becomes more widespread, pharmaceutical companies can expect extraordinary leaps in productivity and innovation. It allows for a focused approach, dedicating resources to strategic areas like new drug development and personalized medicine. We’re already seeing significant advancements in operational excellence among our clients thanks to Luminance.

Q: For pharmaceutical companies interested in implementing Luminance, what steps should they take next?

Anna: My best advice is to test the product for yourself. Not only do we offer personalized demos, but we also provide free trials that let you experience our functionalities firsthand. You’ll see for yourself that our integration process is smooth, ensuring your contracts and operations are up and running swiftly and effectively.

Interested in discovering how Luminance can benefit your business? Reach out today.