Job Summary (Primary function)
This position will be involved in developing, monitoring, and overseeing key R&D Contracts and Budgets for various departments, projects, or clinical trials, ensuring financial accuracy and alignment with company objectives. Specifically, they will be responsible for drafting, negotiating and managing the financial aspects of our clinical research organization (CRO) partnerships ensuring financial compliance and optimizing cost efficiency.
Essential Functions of the Job (Key responsibilities)
- Contract review, budget planning, financial reporting, cost analysis, and budget negotiation with vendors.
- Develop, update and maintain detailed vendor budgets for clinical trials in collaboration with internal stakeholders and key vendors, specifically CRO partners
- Review and independently negotiate budget terms and financial agreements with vendors (i.e. CROs) to ensure cost-effective and efficient trial execution with minimum supervision
- Aids in development of project contracts related to clinical trials, including tracking contract changes, and ensuring compliance.
- Work with amendment requestor to ensure amendment integrity prior to negotiation
- Maintain proactive communication with Finance team to ensure timely and final payment reconciliation prior to contract/WO termination
- Monitor and track budget performance, identifying variances and implementing corrective actions as needed
- Analyze cost data, identify cost drivers, and suggest strategies for cost reduction and efficiency improvements including recommendations for budget optimization
- Collaborate with cross-functional teams, including Clinical Development, Clinical Operations, Global Sourcing, Finance, and Legal, to ensure alignment between contacts and budget objectives
- Identifies and coordinates cross-functionally any budget-related issues that may arise, such as budget overruns or delays in payment
- Partner with internal stakeholders to developing financial forecasts and projections to support strategic planning and decision-making
- Ensure compliance with financial regulations, company policies, and industry standards in relevant budget-related activities
- Support regular audits of CRO financial processes to ensure accuracy and transparency
- Stay updated on industry trends and best practices in clinical trial budgeting and financial management.
Qualifications (Minimal acceptable level of education, work experience, and competency)
- Bachelor’s degree in Finance, Accounting, Business Administration, or a Science-related field. A
- Master’s degree or professional certification (e.g., CPA, CFA) is preferred.
- Minimum of 5-7 years of experience in clinical site or vendor budget management, financial analysis, or other clinical operations-related role within the pharmaceutical or clinical research industry.
- Proven experience in managing budgets for clinical trials and negotiating financial agreements with CROs.
- Strong analytical skills with the ability to interpret complex financial data and provide actionable insights.
- Excellent negotiation, communication, and interpersonal skills.
- High degree of organizational, analytical, problem-solving abilities and team management skills.
- Computer literacy with document and spreadsheet applications. Ability to work on complex, multi- faceted projects.
- Proficiency in financial management software and tools.
- Ability to work independently and collaboratively in a fast-paced and matrixed environment
Disclaimer: The above statements are intended to describe the general nature and level of work performed by employees assigned to this job. They are not intended to be an exhaustive list of all duties, responsibilities, and qualifications. Management reserves the right to change or modify such duties as required.
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