Clinical trials and reports are private and require secure storage. A virtual data room (VDR) provides one of the best solutions for staging and sharing intellectual property. VDRs have become irreplaceable in the workflow of clinical trials and life science companies. Also known as deal rooms, VDRs are designed to offer secure data storage and management. They have various tools to enhance the process and cover other aspects like licensing and M&As.
How Deal Rooms Are Used for Clinical Trial
A virtual deal room addresses two challenges of clinical trials: confidentiality and organization. Clinical trials involve large volumes of files and sensitive data from experts, volunteers, donors, authorities, and other third parties. VDRs for clinical trials are designed to simplify the process. You can find easy-to-configure connectors for Google Drive, Box, Dropbox, SharePoint, OneDrive, and more.
Virtual deal rooms allow you to upload and share high-volume files and track research communication through all stages. A virtual data room also makes managing, directing, and answering questions easier. The data is centralized for easy access and secured using advanced encryption. Below are five top benefits of deal rooms for clinical trials:
1. Complete Privacy
VDRs offer a secure portal for sharing confidential documents and intellectual property. The best deal rooms use sophisticated technologies, access restrictions, and multi-level verification to prevent unauthorized activity. You can upload files and determine who can view, edit, download, and print them.
VDRs also offer enhanced analytics and audits, so you can track how users interact with the uploaded documents.
2. Improved Collaboration
Virtual deal rooms for life sciences and clinical trials offer improved collaborations and convenient integrations. The rooms are instantly accessible from anywhere and come with permission-based access, so you can easily control the room’s activities.
Sharing files with a deal room is more cost-effective than in-person deals. You can also integrate various tools to extend the room’s functionality and reach the right people.
3. Supports Due Diligence
Clinical trials are complex and depend on other processes like pharma licensing and IPOs. Virtual deal rooms offer a way to streamline these processes. You can leverage integrations and stock features like checklists, templates, instant communication tools, and more.
Life science organizations can use deal rooms for advanced diligence and track the progress of all projects. The room offers a unified dashboard that makes it easier to manage your workflow.
4. Universal Convenience
A virtual deal room is accessible using a smartphone, tablet, or computer. You can log into the portal to track activity from anywhere, at any time, which is necessary during international collaborations.
The best deal rooms for clinical trials comply with relevant regulations like HIPAA, so you can expect the best practices. All partners have instant access to the deal room and can receive notifications via SMS and other channels.
5. Easy Drug Licensing
Using a virtual deal room supports drug licensing as it enables relevant authorities to access information about the drug. Involved parties can review the documents, conduct due diligence, and seek approval.
The remote Q&A tool also allows third parties to engage the organization and get answers to their questions remotely. A watermark feature safeguards the authenticity of all shared documents, and you can revoke access whenever you want.
Choosing a Data Room for Clinical Trials
Clinical trials, research, and medical device companies can work with volunteers for their experiments. Such firms are responsible for protecting confidential medical information obtained from participants and patients. Secure information sharing is the primary solution that virtual deal rooms provide. VDRs also offer more control over information access.
You can use a deal room to streamline data sharing with patients, researchers, legal authorities, and other third parties. When looking for a data room, stick to reputable companies that comply with the best standards, like HIPAA. The best deal rooms offer unlimited storage, easy integrations, and round-the-clock customer service.