2017 Was the Year of the Partnership
In the last year, MediSpend curated partnerships designed to improve our offerings and provide better service to our clients. In August, we announced our partnership with LexisNexis as we officially joined the LexisNexis Health Care Alliance Program. MediSpend will offer the LexisNexis Provider Data MasterFile™ and LexisNexis® ProviderPoint™ data cleansing and integration services to our MediSpend customers.
MediSpend also became a Veeva Alliance Partner. Many of our customers use Veeva CRM or Events Management with full integration to MediSpend. Look for announcements in early Q1’18 about MediSpend’s integration with Veeva CRM and Events Management to streamline domestic (state and federal) and international transparency reporting.
In February, MediSpend lead an industry workshop at the 5th Annual Corporate Compliance & Transparency in the Pharmaceutical Industry Conference in Zurich. “Clues to Understanding Compliance Enforcement” was the workshop theme. The forthcoming General Data Protection Regulation (GDPR) was a hot topic of discussion including the challenges of protecting data in legacy enterprise business systems. GDPR discussions would prove to be a focus for all life sciences companies as the year progressed and remains an import business challenge for all companies in 2018.
At the CBI Comprehensive Strategies for Managing HCP Interactions Conference in Philadelphia in October, MediSpend shared case studies and best practices with attendees. Specifically, we demonstrated how life science companies are improving health care provider engagements using cloud solutions to manage and monitor HCP interactions to ensure compliance to anti-kickback and anti-corruption laws.
Changing Regulatory Landscape
Donald Trump officially became the 45th President of the United States. We forecasted what the new administration might do in regard to the FCPA regulation and compliance to existing anti-corruption laws. We read the tea leaves and shared breaking news about changes in the Department of Justice. We also stayed on top of news coming out of Europe, including how the Brexit vote would affect life science companies. You can read more in “Compliance and Globalism in the Age of Brexit and the Trump Administration – Thoughts from Our CEO.”
While many people believed the new leadership in the DOJ would be soft on compliance, we made the argument that following the law simply makes good business sense, regardless of the party in office. Managing risk and identifying non-compliant behavior is now standard operating procedure for companies that have moved to the cloud. Transparency and visibility into business operations with imbedded analytics and dashboards that present alerts on any mobile device are becoming the standard for all compliance programs.
Our European customers and US customers doing business in the EU are getting ready for May 25, 2018, the implementation date for the GDPR.. This new privacy law touches every company that accesses, controls or processes personally identifiable information for EU citizens. We’ve been at the forefront explaining what this means for our customers and advising as to how to get ready for what’s coming. Companies are reportedly spending up to $1 million to prepare for the upcoming enforcement of the law. With minimum fines for violations set at 20m Euros or up to 4% of annual turnover (global revenue), companies are making compliance to the GDPR a priority. Certainly, we will continue to update visitors to our website and customers on best practices as the deadline approaches.
Following Health Care Reform
The new administration also promised to repeal and replace the Affordable Care Act (ACA), also known as Obamacare. Ultimately, the administration was not successful. However, our customers had the political debate and various attempts to change the healthcare landscape at the top of mind throughout the year. And we closely followed the politics and happenings along with them.
In “ACA Repeal – Why Does Congress Ignore the Female Factor?” and “Lessons Learned in High School Civics Class May Help Understand How to Repeal and Replace Obamacare,” we offered insight and suggestions for lawmakers. We will remain vigilant through 2018 and support our customers through whatever changes may occur moving forward.
Increasing Security Awareness for Clients
Cybersecurity remained in the headlines in 2017. In fact, life science companies took a number of hits in the form of security breaches. We argued that coming clean about data breaches helps companies build trust with the public, something that is vital to life science companies. In addition, we provided readers with information about the biggest risks to their cybersecurity. Most recently, we offered advice to “Help Your Life Science Company Avoid Security Breaches.”
Look to the Future
In 2018, the MediSpend Team will continue to keep Customer Satisfaction as our number one mantra. We will continue to lead innovative product development to help life science companies move compliance to the cloud.
As always, our aim will be to help life science companies easily and efficiently comply with health care regulations the world over. As a result, you will be able to focus on your true calling – saving lives with innovative medications and medical devices. Truly, our company’s aim is to support your goal of helping improve the health and therefore lives of others.