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Compliance Laws Will Drive Life Sciences Companies to the Cloud

compliance lawsCompliance laws keep evolving. From the data privacy to transparency reporting, compliance laws like the General Data Protection Regulation (GDPR) and France’s new anti-corruption law are forcing healthcare companies to look for better IT solutions. More and more countries are insisting on transparency. And their governments are legislating rules that require life sciences companies to submit relevant financial data for scrutiny by the public. Officials are trying to prevent bad actors from committing corruption, bribery, and fraud. In some cases, they are trying to protect the privacy of their citizens. Violation of these laws come at a very high price. Of course, doing the right thing and running your business ethically isn't the only reason to comply. It also happens to make good business sense. Following the law, after all, keeps a company's reputation intact. Still, attention to compliance with so many laws and regulations has become so great that many companies are struggling to keep up using legacy systems.

How to Overcome the Challenges

Cloud technologies are the solution. If you don't want to be left behind, you should discover Software-as-a-Service (SaaS) cloud solutions . Taking compliance to the cloud simplifies the complexities created over the last 15-20 years.  In the past, IT teams build homegrown systems to manage compliance to internal codes of conduct, state and federal reporting laws.  Overcoming the challenge to comply with new international laws requires state-of-the-art SaaS solutions. Today’s open source technology platforms is flexible, frequently updated and provides better value than high priced license based systems.  

For example, compliance in the cloud technology is already being used to help life science companies comply with the European Union's General Data Protection Regulation (GDPR); it will be enforced on May 25, 2018. Companies that fail to comply with GDPR face the promise of stiff and costly financial penalties. With the right technology, IT administrators and Chief Compliance Officers will be able to comply the laws and add value to the business.

Where to Get More Information on Compliance Laws and Relevant Technology

Are you worried about keeping up with the new laws regulating the life sciences industry? Are you interested to learn how some of the world’s most innovative companies are moving compliance to the cloud?

To learn more about how compliance laws are pushing life sciences companies to technology in the cloud, download our e-book, it is chock full of information relevant to leaders in the industry. 

 

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Michaeline Daboul

CEO, Co-founder of MMIS, Inc.


Posted on Jul 10, 2017 10:10:00 AM

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