Biotech companies regularly share and archive confidential information in the course of their research and development operations. The product development process requires collaborations among clinic teams, labs, manufacturers, analysts, and third party experts, all of whom have varying degrees of access to sensitive files.
A biotech company can protect confidential information by using a virtual data room (VDR). 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 like Box, DropBox, Google Drive, and OneDrive.
With a VDR, only authorized users have access. Collaborators - even those in remote locations - can upload, store, and access all documents related to a project in one place, making it easy to find and access relevant documents and data and media files.
The best online platform for VDR security 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.
Here's why biotech companies continue to choose ShareVault's virtual data room software:
Security
Biotech companies need to protect their sensitive information from competitors, hackers, and unauthorized users. ShareVault provides robust security features, including 256-bit encryption, two-factor authentication, dynamic watermarks, and audit trails. Only authorized users can access sensitive data and administrators can track all data room activities to provide valuable deal intelligence.
Clinical trials are frequently used in the creation of biotech products. Whether shared or kept, patient health information (PHI) is secure thanks to ShareVault's VDR environment, which complies with HIPAA's strict privacy regulations.
ShareVault offers cutting-edge document sharing capabilities and fine-grained access control policies for the biotech field. Clinical trial organizations and their product development partners can securely share business data and sensitive patient information with ShareVault without jeopardizing patient privacy.
Collaboration
ShareVault enables biotech companies to collaborate in a controlled environment with their stakeholders.The platform helps users share files with different permission levels, including read-only, download-only, and full access. ShareVault also has a Q&A module where users can ask questions and get timely answers from project experts, further facilitating the collaborative process.
Thanks to its advanced features, the platform helps biotech companies store, organize, and share documents with team members and prospective partners. ShareVault’s built-in software includes document management tools like drag-and-drop uploads, a powerful full-text search engine, inter-document hyperlinking, and easy integration with DocuSign and other file-sharing apps.
For maximum protection, ShareVault also offers Dynamic Native File Protection (DNFP), a software feature that protects work-in-progress documents. Using DNFP, multiple contributors can safely add and remove text as the document goes through its iterations until it's finished.
ShareVault also features Collabloop, a document editing tool expressly designed to facilitate the redlining process for final reports, due diligence documents, or regulatory submissions.
During the final stages of development, biotech companies need to collaborate with investors, partners, and regulators. The development team can invite these parties into the protected ShareVault protected environment, with full control over what documents these parties can access.
Organize, Search, and Monitor Features
ShareVault has built-in tools to streamline document organization and facilitate document discovery. Botech development can involve a large number of documents, both archival and work-in-progress, so smart organization and fast search are essential. Here is how ShareVault functions:
The administrator sets up and names master document folders, and then populates the folders with documents. As a practical matter, some documents have relevance to multiple folders. ShareVault meets this challenge with "hierarchical tags” - a hashtag + document name that creates a link to the original document, thereby eliminating the need to place the same document into multiple folders. This time and storage saving feature is only available with ShareVault.
Another time-saving ShareVault feature is "Favorites", a document tag that allows a user to quickly return to the documents under revision or review.
ShareVault’s robust search tool provides keyword search sorted by relevance and provides results with synopses showing how the searched keyword(s) are used in context. Users can also sort their searches with filters that include Recent (since the last login or in the last day, week, month, or quarter); Read / Unread; Published By, and File Type.
Biotech development is subject to monitoring, first by senior management and later by regulatory agencies. ShareVault monitoring tools are updated in real time, and can show minute details: specific pages viewed, name of the user, and the amount of time spent viewing each document. ShareVault monitoring aiso works for video and audio audio files, with the same degree of fine details. For regulatory reviews, the ShareVault VDR administrator can generate a detailed audit report with a single click.
Compliance and Cost
Biotech companies must comply with a host of regulatory agencies, including GDPR, HIPAA, and CCPA. ShareVault helps companies comply with regulations by providing robust security features, audit trails, and permission management. ShareVault lets companies manage and track access to sensitive data, making it easier to comply with regulatory requirements.
Biotech companies need to manage their budgets effectively. ShareVault offers a cost-effective solution for managing confidential data. The platform has flexible pricing plans that allow companies to choose a plan that suits their needs and budget. ShareVault's pricing is transparent, with no hidden costs, so there are never any surprises.
Check Out ShareVault's Virtual Data Room Software Today
ShareVault provides a secure and controlled environment for managing confidential data, making it easier for biotech companies to focus on their research and development activities. ShareVault is a reliable virtual data room solution that can help biotech companies streamline their data management processes and protect sensitive information.
At ShareVault, our data room software helps guarantee safe document sharing by providing extensive controls over document access and user permissions. We protect sensitive information, increase business productivity, and may even lower your operating expenses. To discuss your VDR needs, contact us and set up a consultation today!