With new technologies and discoveries advancing at a rapid pace, the life sciences sector is hotter than ever before. Biotech, pharmaceutical, and medical device companies need to make sure that their fundraising, innovation, and strategic partnership efforts are conducted smoothly and at maximum efficiency.
To share their sensitive financial documents and intellectual property data, many life science companies make use of a virtual data room: a secure online repository for storing and sharing private, confidential information with various parties.
In this article, we’ll discuss 4 reasons why virtual data rooms are an excellent investment for life science companies.
1. Protect your most critical documents
Many life science companies have sensitive patient data that must be protected under HIPAA regulations. Others are in possession of valuable documents that are only intended for certain eyes, especially intellectual property such as patents, inventions, trademarks, and copyrights. Having this information fall into the wrong hands could be disastrous, and even spell the end of your business.
Virtual data rooms allow you to host and maintain your most critical data securely under lock and key. You can prevent downloads by setting documents to view-only mode, as well as micromanage exactly which users and groups are allowed to access a particular file. Data is encrypted both in transit and at rest, and you can make user logins more secure with two-factor authentication.
2. Access from anywhere, 24/7
Life science companies have countless concerns on their plate at any given time: fundraising initiatives, clinical trials, strategic partnerships, M&A deals, and more. Addressing these concerns requires intricate coordination from people both inside and outside the company.
By hosting your documents in a virtual data room in the cloud, the people who need to use them will be able to view them from any location, at any hour of the day. This feature also helps with security. Rather than being mailed or faxed insecurely, your documents can only be viewed online, with an access log tracking who views them at what times.
3. Improved collaboration
Companies in the life sciences industry are increasingly looking to collaborate and form strategic partnerships. However, the question remains: how can these separate entities work together and share information while still maintaining confidentiality and ownership of their documents?
The answer comes in the form of a virtual data room solution. Many virtual data rooms have enhanced collaboration features that make it easier than ever for users to share exactly the right information at the right times during a fundraising round or business deal.
4. Easy setup and maintenance
As a life sciences company, you’re not in the IT business. Why spend your valuable time and effort trying to set up, operate, manage, and troubleshoot your own solution for secure document storage? Instead, go with a virtual data room that lets you focus on what you do best: R&D of tomorrow’s cutting-edge developments in biology and medicine.
The right virtual data room partner will help you install the system and get started using it with a minimum of fuss and complication. Look for software with user-friendly features such as drag-and-drop uploads. You should also prefer a virtual data room solution that offers 24/7 support and maintenance in case you experience unexpected downtime or performance issues.