A virtual dataroom is a safe and secure platform that allows the sharing of confidential documents to multiple parties over the internet. Typically, VDRs are used for due diligence and other M&A processes however, they can be used at any time a business needs to share documents with third parties online. VDRs provide a variety of services that facilitate effective collaboration between the involved parties and accelerate transaction flow. They are therefore often considered to be more economical than traditional cloud storage when it comes to managing complicated business transactions.
In the life science industry, companies in the biotech pharmaceutical, medical, and device industries deal with sensitive intellectual property that requires secure storage and accessible access for other parties to look over. These processes usually involve the use of due diligence as well as collaboration with different stakeholders, including potential investors. It is therefore crucial for a company to locate a VDR service that can provide the right solution for their requirements. The best place to start is to assess the capabilities, features as well as security features and usability of different vendors using the free trial.
Choose a provider who offers an easy-to-use interface, numerous deployment options, and a single sign on for all projects. Choose a vendor who offers customizable branding and watermarks. Find out if they offer various reporting options and analytics, as in addition to multilingual support via phone, email and in-app.