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This is how Abacus Medicine handle IFRS 16 leases and other contracts in a company with more than €1.2 billion in revenue and 1,500 employees

Background

Abacus is an international company with Danish roots that recently celebrated two decades of history. Operating in more than 10 countries, it handles contracts in several languages and under different jurisdictions.

 

Louise Saugmann Neiiendam is responsible for contract management, a role that requires structure, systems, and good oversight:

 

“We manage everything from leasing agreements and distribution contracts to partnership agreements with suppliers and vendors. The contracts cover all aspects of keeping the company running.” 

Challenges

Before implementing Complete Control, contracts were stored in scattered files and local or paper-based folders. The lack of a centralized overview created complexity and uncertainty: Who was responsible for what? When should contracts be renegotiated? Where was the latest version of an agreement? 

 

“It was time-consuming to locate contracts, and the risk of missing renewals or key details was high. Now we have one ‘contract truth.’ We know where every contract is stored, and we can trust it’s accurate. It sounds simple, but it’s a major improvement,” Louise says.

Process

For Abacus, the journey to better contract management has been about more than just implementing a new software. It has also been about changing how they work. Louise describes how Complete Control has contributed to a more proactive approach:

 

“In the past, we were often reactive. When a contract was about to expire, we had to scramble to find it. Now, the software notifies us well in advance of renewal dates, allowing us to plan much better. It gives us control, as we’re never uncertain about when we need to follow up on a contract. It gives us greater confidence and security.”

Improvements

“The software is user-friendly and provides the functionality we need. I use the reporting features to easily get an overview and identify contracts that need follow-up. Additionally, the software automatically alerts us to expirations and renewals, which is critical for avoiding costly oversights.”

 

“With better control over our contracts, we can plan renegotiations well in advance, ensure we have the best agreements, and avoid unnecessary costs. This adds value both for those of us working with contracts and for the company as a whole.”

Louise.Abacus
Success is when someone asks for a contract, and we can find it immediately. When the software gives us an overview of what needs follow-up, we can work proactively instead of firefighting. That’s when contract management works as it should.

Louise Saugmann Neiiendam

Legal Operations Coordinator at Abacus

“A contract must be accessible when you need it”

With over a thousand contracts in ten countries, contract management is strategically important for the pharmaceutical company Abacus Medicine. This is how they handle IFRS 16 leases and other contracts in a company with more than €1.2 billion in revenue.

For Abacus, the implementation of Complete Control supports better oversight, greater control, and a more efficient workday. The solution enables proactive work, reduces the risk of unwanted renewals, and frees up time for other tasks.

“A contract must be accessible when you need it. With Complete Control, we know where to look for contracts across the Group. It provides greater confidence and control in our contract work, enabling us to be more proactive in our daily operation,” says Louise.

Read the full interview with Louise
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About Abacus Medicine

Abacus Medicine is a Danish company founded in 2004 by Flemming Wagner and his father, John Wagner. The company specializes in the parallel import of prescription drugs in Europe. Today, Abacus is an international organization with approximately 1,500 employees operating in over 10 countries.