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How Takeda benefits from a RMIS Insurance Solution

Ventiv’s risk management technology has enabled Takeda Pharmaceutical Company to create a first-of-its-kind platform to issue insurance certificates for clinical trials. But how do they benefit exactly? Here’s a closer look:

Who is Takeda Pharmaceutical Company?

Takeda is a pharmaceutical company that conducts a variety of clinical trials both nationally and internationally. They provide a critical service: before a drug can be approved for use, it must be tested, and Takeda provides that pathway, enabling growth in the industry as well. Takeda has over 350 active trials running in 71 countries, making them a huge partner in the healthcare industry.

Each trial must have its own insurance and getting an insurance certificate issued quickly is vital to the success of any trial. This is especially true due to new EU regulations: approval must happen within 60 days.

The solution is an integrated risk management system that makes the issuing of insurance certificates fast and easy. How does that work? The first step was to address a complex challenge.

 

A Complex Challenge

As you can imagine, operating globally can be a regulation nightmare. Insurance certificates must comply with several jurisdictions, and each has its own approval and authorization requirements. This complex challenge means a variety of captive insurance systems and a lot of duplication of personnel.

It’s about more than that, too. There are three parts of the insurance process within Takeda, including a captive insurance company, their insurance partner, and their broker. This is where Ventiv comes in. Using automation, the system aligns the various partners and the data they provide and issues compliant certificates around the globe. It’s an advanced and innovative system, but it provides the benefit of simplicity.

 

A Simple Solution

It might sound complex at first, but Ventiv was able to build on an existing system developed for Shire, a life insurance provider purchased by Takeda in 2019. Using that risk management system as a development platform, Ventiv was able to create a new, unique system to handle the clinical trial insurance certificate challenge.

The secret is the front-end portal. Its simplicity and the easy-to-follow prompts and inputs create a great user experience and ease of use, while this data is leveraged in the background to produce the results Takeda needs.

The system saves all emails, documents, and correspondence, removing the need for manual saving and uploading. And the system is flexible. In trials where confidentiality is essential, the platform can be equipped with additional data protection as needed.

 

One of the Most Advanced Systems Out There

Takeda faced some of the most complex challenges in the insurance industry, but Ventiv came in with the confidence to create a unique solution. The new Takeda system is one of the most advanced in the world, and truly one of a kind. It takes risk management information systems to the next level.

The system automatically generates an incredible 80% of the insurance certificates needed in multiple countries around the world, many more than would be possible with a typical captive system. Also, this process speeds the ability of Takeda to comply with the new EU regulations, putting them ahead of its competition.

But the most important takeaway? The power of automation leveraged by Takeda can be applied to countless other areas of the insurance industry. With a proven system, it is now possible to apply these techniques to remove manual processing, speed up nearly any process, and most importantly make the experience better for everyone.

No matter what part of the healthcare or insurance industry you are in, there’s likely an area where Ventiv and its various tools can help. A comprehensive risk management information system can provide amazing results for your company too. Take a few moments to check out the Takeda Pharmaceutical Industries case study, and then get in touch today.

With over a decade of experience in many areas of the industry, Ventiv can help you collect better data, manage it more efficiently, make better decisions, and even automate processes that can save you time and serve your clients better. Get in touch today to find out how we can help you.

 

 
 

Aug 8, 2022

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