Introduction

Spending time reviewing documents is a challenge for any organization, especially for those operating in highly regulated sectors such as Pharma.

This use case describes how Chiesi, a global pharmaceutical company, leveraged the power of AI and machine learning with the help of Sweet Legal Tech to streamline its contract review process. The large volume of contracts and NDAs that Chiesi is required to review on an annual basis was taking a significant amount of time from the Legal Department. Sweet Legal Tech was appointed by Chiesi for a POC, to identify and implement a system that would manage the entire lifecycle of contracts, with the particular goal of reducing the time needed for contract review. Sweet Legal Tech shortlisted five providers, and after a thorough benchmarking report, Ironclad was selected, populated with Chiesi’s templates and implemented to comply with internal business processes. Moreover, the legal department has been trained to use the solution. The report showed that the usage of a legal tech solution could bring significant improvements in speed and accuracy, with margins of error reduced by 60%.

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The Challenge

Since its global presence, Chiesi needs to manage and review a large number of contracts (e.g. Service Agreements, DPAs and NDAs) on a daily basis, spending a significant amount of time reviewing contracts from counterparties (e.g. suppliers and customers). Part of the review process involves understanding to what extent an external document differs from the internally acceptable conditions for that type of contract (internal standard).