As one of the most regulated industries in the world, life science organizations need a well-developed compliance plan to stay ahead of the game. Creating or enhancing a compliance program can be overwhelming, and if you choose the wrong partners, implementing new policies, procedures and technology can cause confusion, waste valuable time and drain your budget.
What is at stake?
A lack of global compliance puts your company at risk for incurring fines and government sanctions. In fact, in 2020, “life science firms accounted for a third of the Securities and Exchange Commission's (SEC) enforcement actions.” Fines and sanctions can be costly and can contribute to a poor reputation that subsequently hurts your business. Thus, taking the appropriate steps to create an effective compliance strategy is essential to ensure your business is positioned for sustainable growth.
What is a compliance partnership?
A compliance partner is more than just a company providing technology solutions. While those technology tools are critical, a partnership allows life science organizations to collaborate on solution configurability and stay up to date on global compliance and regulations with guidance from industry experts. At MediSpend, I’m proud to say that we don’t just offer top-rated software solutions, but our client services team creates on-going partnerships to ensure companies are able to grow their businesses while adhering to the necessary regulations. We firmly believe that fostering one on one relationships with our clients, providing them with education and knowledge is essential to setting them up for continued success.
Why is a compliance partnership essential for the future of life science compliance?
Compliance needs within the life sciences industry have expanded over the years due to various regulations and disconnected rules within the industry, making it even more difficult to navigate the intricate universe of compliance responsibilities. Teaming up with a compliance partner that provides industry expertise makes navigating these complexities much more manageable. The right compliance partner enables organizations to look outside of their own processes by providing insight into the best practices their colleagues are utilizing in the industry.
Increasing regulatory security has reinforced the need to re-examine their approach to compliance, and companies are beginning to embrace this shift and understand the importance of utilizing a variety of compliance resources. Thus, companies realize that using technology to support compliance efforts is only one piece of the puzzle. Beyond technology, it’s critical that compliance partnerships become another tool organizations utilize.
MediSpend’s Unique Approach
When considering a compliance strategy, it’s important to note that one solution and one size does not fit all problems. For example, a small biotech company and a large medical device company would have completely different strategies. By leveraging best practices that we have seen working with over 100 global life sciences organizations, our MediSpend industry experts work closely with our clients to tailor the optimal solutions to meet business needs. Whether that be configuring to a client’s existing process or making recommendations on how to improve these processes, we support our clients at every stage of their compliance journey. Our Global Compliance Suite works in tandem with our team members to address needs to ensure company goals are accomplished, within budget and on time.
With more regulations on the horizon, the compliance framework will only become more complex. Our flexible solutions easily pivot with these growing demands to ensure continued adherence to regulatory requirements.
Making the decision to work with a compliance partner is an important step in continued business success, and it’s crucial to take this process seriously. Choosing an experienced partner who can understand your needs and provide the right solutions to build your compliance program and execute those plans effectively will make all the difference.
To learn more about MediSpend solutions, download the MediSpend Global Compliance Suite Brochure here to see if we check off your organization’s compliance boxes.