New policies, rules, and regulations followed by the dynamic nature of the life sciences industry make it much more overwhelming for compliance teams and companies to keep up with the evolving and heightened compliance demands, especially when you’ve chosen the wrong compliance partner to help you stay ahead of the game.
Being considered one of the most regulated industries in the world, life science organizations require a comprehensively developed compliance program led by expert compliance professionals.
Today, this is possible only when life sciences companies have partnered with the right data-driven compliance partner.
Compliance Partnership: What is it?
A compliance partnership is a bond between a life sciences organization and a compliance solution provider.
Through the partnership, life sciences companies get the necessary tools powered by modern technologies that allow them to stay up to date with the ever-changing compliance rules and regulations, get guidance from industry experts, configure, create, and monitor their internal compliance policies and ensure that their compliance requirements are being addressed efficiently.
Another advantage of building a compliance partnership is that it significantly reduces the pressure on internal compliance teams by automating certain processes and enhancing their accuracy by several folds while providing data-driven insights and other useful functions.
Why is a Compliance Partnership Imperative?
There’s a lot at stake if you’re a life sciences company operating in the U.S., and all of it is mainly related to the rules and regulations provided by the government.
Incurring fines, penalties, government sanctions, bans, and tarnished reputations are perhaps some of the most commonly known repercussions of violating rules and regulations.
Perhaps one of the best examples is Pfizer getting fined $2.3 billion for illegal marketing in an off-label drug case by the DOJ. These fines and sanctions imposed on other life sciences companies damage your business.
Thus, taking an informed approach to building a partnership with a data-driven compliance solution provider becomes imperative for life sciences companies to ensure sustainable growth while avoiding compliance risks.
Other Reasons Why A Compliance Partnership is Imperative:
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The continuously evolving and heightened compliance requirements make it difficult for life sciences companies to navigate the intricated universe of compliance. Thus, a compliance partner can enable the company to stay updated on the latest requirements and operate as an extension of its business to minimize significant compliance risks.
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Companies can leverage the years of experience and expertise of a data-driven compliance partner to navigate compliance challenges, eventually making the entire process more manageable and efficient.
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Some compliance partners offer analytical capabilities that the organization’s compliance leaders can use to see industry trends outside of their boundaries and uncover the best practices in the industry, contributing to creating a more effective compliance program.
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Compliance partners allow organizations to revisit their approach to compliance to determine roadblocks and loopholes in their process and eventually shift to a more advanced compliance program.
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Technologies such as data-driven automation support compliance operations by mitigating complexity and significantly reducing the probability of a company being at compliance risk.
To conclude, getting a one size fits all compliance solution will not fix every compliance challenge your organization is experiencing.
For instance, a small pharmaceutical company may have different compliance imperatives compared to a large biotechnology company. Therefore, getting in touch with a compliance partner that offers customizable compliance solutions is the way forward for life sciences and pharmaceutical companies.
With more rules and regulations on the horizon, ready to make compliance even more complex, creating a partnership with a credible compliance solution provider is more likely to ensure continued adherence to regulatory demands and continued compliance success.
To learn more about how qordata’s data-driven solutions enable you to meet your compliance requirements, get in touch with us today, or you can also book a demo.
