If you have not considered an integrated HCP engagement and transparency reporting solution, you should. Here’s why:
Hand in hand with developing new treatments and cures, life sciences companies play an important role in educating healthcare practitioners (HCPs) and patients about those drugs and devices. Partnerships between HCPs and healthcare organizations (HCOs) are critical and help to ensure that the healthcare community and patients receive the latest scientific information and that patient feedback makes its way back to life sciences companies.
Compliance Teams Need Control
As HCP engagement and transparency enforcement risks intensify in this increasingly complex business environment, Compliance teams need to feel confident that enterprise-wide controls are in place to ensure compliant HCP engagements. A proactive approach to identifying and managing risks across the entire organization is more important than ever. Ideally, Compliance leaders will work closely with other departments to implement an end-to-end system with built-in risk mitigation controls so they can continue to partner with HCPs while managing high risk business activities.
Most Current Systems Fall Short
Although all life sciences organizations face the same challenges associated with managing high-risk activities within the guidelines of the various countries they do business in, the maturity of their compliance programs varies widely. Current approaches include:
- Spreadsheets and other manual processes that are inefficient, lack embedded controls and can contribute to data inconsistencies
- First-generation customized software or home-grown systems that easily become outdated and are expensive to maintain
- So-called “end-to-end” solutions that rely on cobbling together disparate applications or software creates opportunity for error and also lacks the sufficient embedded controls needed to mitigate risk. These solutions aren’t much better than home-grown systems because they force organizations to continue integrating and supporting disparate systems without embedded controls at a high cost.
The ideal solution is a purpose-built and already integrated platform designed specifically with embedded controls and workflows supported by the same unified platform. Furthermore, the ideal solution will have an intuitive user-interface with functionality beneficial to all stakeholders across the organization.
As a leading innovator in the compliance and transparency reporting space, MediSpend solutions meet the evolving needs and challenges of life sciences companies with the industry’s first highly configurable software-as-a-service (SaaS)-based integrated solution:
- Proactively manage risk related to HCP engagements by providing embedded controls that ensure compliance with company polices and offering a single view of all of the company’s HCP engagements with each department (e.g. Medical Affairs, Marketing, Clinical, Sales) around the globe
- Enhance efficiency by minimizing manual processes and integrating HCP engagement management with a transparency reporting solution to facilitate compliance with all global transparency and aggregate spend reporting obligations
- Improve data accuracy by minimizing points of entry and reducing or eliminating the need to “scrub” data from multiple sources
- Use captured HCP engagement and spend data to provide the necessary insights via business intelligence and dashboard reporting to proactively monitor your compliance program
- Provide a solution in which both Compliance and the business can have confidence
MediSpend is the solution of choice for many life science organizations around the globe who seek to leverage a fully integrated, end-to-end solution to manage high-risk HCP engagement activities. If you'd like to learn more about MediSpend and our innovative solutions and respected advisory services - contact us.