Compliance Regulations Pose Business Challenges for Life Science Companies

Up in the Clouds – In my interview with Thanh Thanh Lam from ICT, I address the compliance regulations and business challenges pharmaceutical companies face now.  Also, I discuss how new SaaS cloud based transparency solutions and HCP engagement SaaS compliance solutions are becoming industry standards. The interview focuses on compliance challenges in the life sciences industry. I explain the how MediSpend is designed to make it easier for life sciences companies to address compliance regulations and comply with current evolving laws.

Meeting global compliance regulations are a major initiatives for pharmaceutical executives in 2017.  First of all, life science companies face major challenges adhering to global laws, industry codes and company policies.

Most importantly companies must adapt quickly to evolving global laws that impact business while simultaneously manage risk and lower administrative costs. So, this article focuses on the hurdles pharmaceutical executives face to ensure adherence with industry laws, like the US FCPA and UK anti-bribery Act.

Global compliance regulations

Ensuring compliance through business process improvement is one of the top challenges facing life science companies. First of all, enterprise systems need to be flexible and adapt to current laws. Furthermore companies must address business processes improvement and reduce cost while leveraging data to reduce risk. Most of all helping life science companies meet business challenges is key.

Another important requirement to solve the compliance regulations challenge is to have an easy to configure and easy to modify SaaS solution. Home-grown systems are costly to build and maintain. In addition, third-party solutions are also expensive and highly customized with long implementation timelines.

I describe how the MediSpend team helps legal, finance and IT departments take the difficulty out of adhering to regulatory laws.  Our mantra is Compliance is Mandatory. Complexity is Not. Therefore, building a cloud-based SaaS solution for companies is the right thing to do at the right time.

As a result, the MMIS Customer Success Team partners with companies to solve compliance challenges.  MediSpend has helped thousands of users at pharmaceutical, medical device and dental companies solve compliance regulations challenges. Most noteworthy, is that MediSpend is the first and only cloud compliance solution on the market.

To read the full interview click here