The biotechnology industry creates new healthcare products and technologies that can address illnesses and improve people’s lives. The biotech product development process, from concept to lab to clinical trials to manufacturing, is typically a long road that requires collaboration among many stakeholders.
Throughout the development process, data security is of paramount importance. Biotech and all healthcare companies must adhere to regulatory mandates like HIPAA that protect patient confidentiality. Equally significant is the threat posed by cybercriminals, who understand the development process and use AI-enhanced software to hack confidential information.
Companies within the biotech industry can use virtual data rooms to secure data and confidential information and streamline their development processes to get products to market.
Ways That a Virtual Data Room Protects and Streamlines Biotech Development
Getting a product from the development to market generally takes years of dedicated work by skilled lab techs, scientists, data analysts, and subject matter experts in healthcare, marketing, regulatory law, and other areas. Here are some ways that a virtual data room (VDR) can help streamline the biotech development process:
A Secure Document Storage Solution
A VDR is a secure online environment for storing and sharing files and documents, with enterprise-grade security features far more robust than consumer file-sharing apps.
The preferred VDR for biotech is ShareVault. ShareVault has been serving the biotech industry for more than 15 years and has been named as the preferred Business Solutions Program provider by the Biotechnology Innovation Organization (BIO) and more than 50 other life science trade organizations.
To streamline the storage of files, the team can use ShareVault’s drag-and-drop and bulk upload features. Another time-saving ShareVault feature is its integration with popular file sharing apps like Box, DropBox, Google Drive, and OneDrive.
As files are uploaded to the VDR, they are automatically encrypted with 256-bit encryption. When documents are shared among the team, file connections are via HTTPS over Secure Sockets Layer (SSL), which maintains AES-256 encryption in transit.
In storage or when shared among collaborators, ShareVault's VDR environment protects business data and sensitive patient information, in compliance with HIPAA's strict privacy regulations to protect patient health information (PHI).
Controlled User Access
Once files are uploaded, only authorized users have access to the ShareVault VDR. The VDR administrator has granular access controls, meaning the ability to control who has access to each individual file. The administrator can also require two-factor passwords and record the IP address of every device used by authorized users.
Since the need to continue authorization to files can change over the long arc of a biotech product development lifetime, the administrator can also deny access after a specific date. As an added measure of security, the administrator can apply dynamic watermarking to any file and any files downloaded by a collaborating party can be remotely shredded.
Secure Collaboration
The biotech development process is highly collaborative. With the ShareVault VDR, these collaborators - even those in remote locations - have a central hub for all relevant documents and the ability to quickly and safely access and share documents.
To enhance collaboration, ShareVault’s built-in software features a Q&A module, which allows users to communicate with subject matter experts in a protected environment, which eliminates the security vulnerabilities of using email, Slack, and other less secure communication platforms.
Some documents require collaboration. ShareVault provides for this need with Dynamic Native File Protection (DNFP), a Word-like document generation software that offers advanced security for a work-in-progress document. Another ShareVault software is Collabloop, which is designed for contracts, regulatory filings, and other documents that require input from multiple parties working on a single document and the ability to generate a detailed audit trail for regulators.
Secure and Streamlined Due Diligence and Fundraising
In addition to its use in product development, a ShareVault virtual data room can improve and streamline the due diligence process. ShareVault has been the go-to source for biotech and life sciences due diligence projects, as well as for M&A and other finance ventures.
To speed the due diligence process, ShareVault offers a Due Diligence Checklist, a templated software for organizing and uploading the many files used in due diligence. As with all ShareVault VDR activities, all files are secure throughout the due diligence preparation process. Once the due diligence offer is complete, the team can invite investors and other interested parties to view the offer within the protected VDR environment.
ShareVault: A Secure and Cost-effective Solution
A ShareVault virtual data room and our built-in software are the perfect tools to protect and streamline the biotech development process. Since each biotech company has its unique needs, ShareVault offers a range of prices based on the feature sets most important to you. Whatever choice you make, you have the protection of a 30-day money-back guarantee.
To receive a customized ShareVault proposal, contact us today!