ARX's CoSign Digital Signature Solution Provides Security, FDA Compliance and Annual Cost Savings of $150,000 for Medrad, Inc.
BOSTON, June 23 /PRNewswire/ -- DIA Conference -- A recent analysis by MEDRAD, a worldwide leading provider of medical devices and services that enable and enhance imaging procedures of the human body, found that the ARX's CoSign(R) digital signature technology will produce a cost savings of $150,000 annually.
Creating a completely interoperative electronic workflow across dozens of business sites using the CoSign technology, MEDRAD now electronically generates, signs, sends and archives tens of thousands of field service reports in compliance with U.S. Food and Drug Administration (FDA) regulations.
"The cost of CoSign will pay for itself in just three months, and allows more time for our field reps to concentrate on work, not paperwork," says Angela Gasper, IT Project Manager at MEDRAD.
A required internal process that typically took two weeks is now completed in just 60 seconds with CoSign. CoSign's software-independent portability also provides MEDRAD with an enabling technology that offers great efficiency gains while still fitting their required business process.
"CoSign implementation in the life sciences industry has increased 6,000 percent in three years, providing companies and research organizations with a cost savings of up to 90 percent over alternate digital signatures approaches," says Rodd Schlerf, Life Science and Healthcare Practice Manager, ARX.
"CoSign provides immediate payback for small, medium and large organizations, including leading life science organizations like Novartis and Pfizer," Schlerf says. "Our technology offers secure electronic records and achieves compliance with FDA regulations, saving these organizations huge amounts of money and more importantly -- people's time."
CROs and CSOs Lead Adoption of CoSign
Contract Research Organizations (CROs) represent some of the most substantial deployments of CoSign digital signatures.
"We currently have three of the top 10 largest CROs as CoSign users, but we are equally proud of the fact that our digital signature solution is affordable and easy to deploy for many smaller CRO companies, some of which have fewer than 50 total employees," says Schlerf.
One of the most common applications for CoSign at CROs is enabling Clinical Research Associates to digitally sign Monitor Trip Reports. One large CRO estimates that they will save over $500,000 annually in priority mailing costs alone.
Many of the world's largest Clinical Service Organizations (CSOs) have now gone live with CoSign, including more than 20 central labs and vendors providing Interactive Voice Response Systems (IVRS), Electronic Data Capture (EDC) and Clinical Trial Management Systems (CTMS) services.
ClinPhone, the world's leading provider of eClinical Technology Services, is a prime example of an organization that has significantly reduced paper, microfilming and archiving costs. In addition to improving workflows, the company has also reduced time spent prepping for and supporting audits.
"To obtain an approval on a project before using CoSign required us to fax documents from our headquarters to branches around the world. It could take three to four weeks to get signatures from all the parties. Today the process is completed in 10 minutes. CoSign paid for itself just in terms of increased productivity," says Daljit S. Cheema, ClinPhone's Chief Operating Officer.
About CoSign and ARX
ARX's digital signature technology, CoSign(R), provides a Portable Signature Format (CoSign(R)PSF(TM)) that is PKI standards-based and SAFE-BioPharma certified. Document signing and sealing with CoSign immediately expedites business processes, reduces costs, assures document integrity and enables organizations to comply with diverse regional and industry regulations. CoSign works with all major applications and document formats including Microsoft(R) Word, Excel(R), Outlook(R), Adobe(R) PDF, TIFF, AutoCAD(R), InfoPath(R), Lotus Forms, and many more. CoSign signatures are used in Enterprise, B2B and B2C processes. To learn more, please see white papers and product details at http://www.arx.com/products/cosign-digital-signatures.php
ARX (Algorithmic Research) has more than 20 years of experience assisting life sciences, healthcare, government, engineering, manufacturing, banking, financial services, and commercial sectors secure and streamline their business processes and transactions. ARX offers a range of highly scalable products designed to simplify, secure, and accelerate electronic business. For more information, please visit http://www.arx.com.
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