The April 2025 Presidential Executive Order, “Lowering Drug Prices by Once Again Putting Americans First,” brings forth a restructuring of the regulatory landscape for pharmaceutical and healthcare entities. These organizations are urgently analyzing current contracts and generating new agreements to comply with impending federal reforms aimed at reducing medication costs. In the heat of this scramble, powerful pharma contract management and healthcare agreement software solutions have gone from optional resources to essential assets for legal and procurement teams.
To that end, let's examine how integrated pharma contract management, healthcare agreement, and hospital procurement software solutions can help organizations easily navigate new drug pricing reforms.
The Regulatory Shift: Understanding the Executive Order
The White House's recent Executive Order, "Lowering Drug Prices by Once Again Putting Americans First," demands significant changes, including:
- Caps on prescription drug costs.
- Increased transparency regarding pharmaceutical pricing and supplier agreements.
- Accelerated approval pathways for generic and biosimilar drug development.
- Stricter compliance and audit mechanisms throughout the drug supply chain.
These changes will impact legal, procurement, compliance, finance, and other departments, compelling organizations to embrace better contract lifecycle management, vendor relationships, supplier management, and sourcing workflows to ensure compliance with the Executive Order.
Powerful Pharma Contract Management & Healthcare Agreement Software
CobbleStone Contract Insight® is an award-winning, seamlessly integrated pharma contract management/healthcare agreement software and hospital procurement software. It serves as a scalable, no/low-code, and AI-powered solution, empowering pharmaceutical companies, life sciences organizations, healthcare organizations, and health insurance, as well as legal and contract professionals, to manage complex contract requirements effectively.
These organizations can reduce time and effort, attain cost savings, and exceed industry standards with:
- VISDOM® AI contract intelligence to identify or intelligently extract critical clauses for rate caps and pricing terms within pharmaceutical, medical, and drug-related contracts.
- Automated contract creation using legal playbook clauses or pre-approved clauses for FDA, CMS, and HHS compliance.
- AI-powered detection of non-compliant language and identification of missing risk provisions in healthcare agreement software.
- Improved, modernized, and organized legal intake processes with intelligent, automated workflows.
- Complete version control and audit trails for all changes, which are crucial for regulatory reviews.
- E-signatures and managing contracts on a secure and centralized platform to meet HIPAA and federal retention standards.
- Efficient vendor, supplier, and partner onboarding with SAM.gov, OFAC, and vendor compliance tracking - including insurance.
- Real-time reports and dashboards to monitor key contract milestones and contract data, such as renewal dates.
These features are vital for modernizing legal operations in healthcare supply chain compliance and payer-provider contract negotiation under the new federal guidance.
E-Sourcing & Vendor Management: Simplify Supply Chain Compliance
CobbleStone eSourcing and vendor management tools streamline sourcing and compliance for healthcare and hospital procurement software users. With online sourcing management, users can lower drug pricing and vendor costs. They can solicit and evaluate vendor bids on a centralized, consolidated platform. With scoring features, users can conduct automated vendor risk assessments and down-select vendors.
Furthermore, CobbleStone eSourcing and vendor management software users can manage vendor certifications and performance history linked to compliance thresholds. They can collaborate with external suppliers through a secure vendor collaboration portal as well. Centralizing the process, they can facilitate eSourcing from award to payment approval.
Following this Executive Order, CobbleStone eSourcing and vendor management software users can ensure all vendor contracts align with updated drug pricing and reimbursement rules. Moreover, they can integrate legal, compliance, and eSourcing into one comprehensive pharma contract management/healthcare agreement software and hospital procurement software platform.
These eProcurement and contract management software features provide unparalleled oversight for pharmacy benefit managers (PBMs), hospital procurement teams, life sciences supply chains, and legal operations professionals when navigating new and existing regulatory compliance within contracts.
Key Takeaway
The new drug pricing reforms require pharmaceutical and healthcare organizations to adopt robust solutions like CobbleStone Contract Insight. With such award-winning and centralized solutions, they can effectively manage contracts, streamline procurement, and ensure compliance in this ever-evolving regulatory landscape.
To learn more about how CobbleStone Software's offering can help you and your team, request a free demo of CobbleStone Contract Insights integrated pharma contract management/healthcare agreement software and hospital procurement software features today!
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.
