When To Use a Life Sciences Virtual Data Room
7 January, 2023Product development in the Life Sciences is a collaborative process utilizing large data files and extensive documentation. The majority of these files and documents are confidential and must adhere to Federal Drug Administration (FDA) and Health Insurance Portability and Accountability Act (HIPAA) regulatory guidelines that protect patient privacy. Failure to adequately protect confidential documents can result in unwelcome consequences:
- The FDA holds manufacturers accountable for security-related problems
- Litigation may arise from investors, partners, and other parties
- Hackers target life sciences files. If successful, they can hold confidential information for ransom
- The competition can have a field day at your expense
A ShareVault Virtual Data Room is the Solution.
A ShareVault Virtual Deal Room (VDR) is an ideal solution: an ultra-secure online platform where the development team can upload and archive documents and data, with extensive controls over access and collaboration.
Using a ShareVault VDR, the team can safely share critical reports and work-in-process documents through all phases of the process: development, finalization, and manufacturing. Using a permissioning system, secure document sharing can include the in-house team, CROs, third-party experts, and development partners, anywhere in the world. When the time is right, the development team can invite regulators, investors, and partners to view reports and presentations in an ultra-secure environment.
Below are several situations in which a life sciences VDR can meet the secure document sharing challenge.
Clinical Trials
Life sciences product development typically requires data developed in multiple clinical trials. Data collected from these trials is often confidential and needs to be protected from unauthorized access. A life science VDR can help organizations manage and track this data. The VDR also includes version control and access logs, which help you confirm that data is accurate and up to date.
Using ShareVault, clinical trial organizations and their product development partners can confidently share sensitive patient information and company data without compromising patient privacy and security. With our safeguarded VDR environment, ShareVault ensures that Patient Health Information (PHI) is always secure and meets HIPAA's strict privacy guidelines.
Licensing and Partnering
Life science companies often acquire other companies or enter into business partnerships. Life science VDRs allow both parties to share relevant documents, files, and other data in a secure and organized manner. This helps companies assess the potential risks and rewards of the transaction.
Medical life science companies may enter multiple partnerships at once. VDRs let potential partners securely access the data without seeing information about other companies who may also be viewing it.
ShareVault data rooms provide detailed tracking of all user activity. Managing engagement levels helps administrators evaluate each participant's commitment and expertise level and are a necessary record for regulatory submissions.
Collaboration
Life science research often involves collaboration with other organizations or researchers. A life science VDR can facilitate teamwork by allowing multiple parties to access and share pertinent documents within the data room. With ShareVault's cloud-based document collaboration, working with third parties is a smooth and efficient process for everyone involved.
With ShareVault, you can control who has access to each document at all times. As the administrator, you may select which team members have authorized access to certain folders and files. Their use of those files is also determined by you. The VDR administrator also controls end-dates, so that a third-party with specific contributions can be removed from access once their involvement is completed.
Whether you're working with investors or disclosing private information, medical life science companies need a confidential space to discuss confidential matters. A life science VDR is a great place to host any kind of communication when it comes to professional collaboration.
Get a ShareVault Virtual Data Room Today
Life science development is often a long and complicated process that requires the expertise of many professionals. ShareVault knows the industry well, and we are dedicated to providing a secure and easily accessible platform so you can put all your focus on the work you do.
ShareVault helps guarantee secure document sharing by providing extensive controls over sensitive document access and user permissions. We secure sensitive data, improve your company's efficiency, and may even cut operational costs. Contact us today for a consultation about your VDR needs.