Life sciences and pharmaceuticals operate in a highly regulated industry, and one of the most challenging aspects of operating in this industry happens to be complying with the rules and regulations imposed by the government.
In addition to the rules and regulations, let’s talk about the evolving nature of regulatory requirements. The heightened expectations and evolving nature of the compliance requirements add more complexity to compliance, and this trend is set to continue in the near term.
These aspects make the imperativeness of an effective compliance program evident. Where organizations believe compliance is expensive, non-compliance can cost a fortune and result in bans and penalties, let alone have other damaging effects on the business, i.e., tarnished reputation.
With the life sciences industry being valued at $449bn in 2019 and projected to surpass the $700bn mark by 2025, battling industry rules and regulations while striving to drive innovation and develop new products happens to be an entrenched challenge; a challenge that can be addressed by leveraging a data-driven compliance program.
What Compliance Involves?
Compliance in the life sciences and pharmaceutical industry involves complying with rules, regulations, and policies.
Maintaining transparency by submitting direct and indirect payments made to HCOs and HCPS to the CMS, abiding by the operational standards and code provided by the government, and Special Fraud Alert: Speaker Programs are some examples of compliance in the life science industry.
Similar demands have increased over the last few years, and they’re expected to grow in the future.
This is another reason why building, maintaining, and upgrading a compliance program over time has become one of the primary objectives of life sciences.
There’s no limit on meeting certain business targets set by the government for life sciences and pharmaceutical companies but complying with the strict government regulations while achieving targets is a major challenge.
This is why life science companies should consider shifting their perspective and taking the complexity out of compliance by adapting to new and modern ways of meeting complex regulations.
Integrating an automated, data-driven solution that monitors day-to-day activities and maintains transparency, i.e., enabling sales reps to report lunch and learn spent as soon as it happens and identify compliance risks, is what will take an ordinary compliance program of an organization to the next level.
In addition, this approach will also reduce the burden on compliance teams, enabling them to focus more on opportunities, i.e., deriving value and insights from the compliance program for decision-making and other purposes.
Compliance in The Soul of The Company
Creating highly transparent processes and working methods is the way forward for life sciences. Furthermore, a balanced cycle of monitoring compliance and ensuring that the company and the workforce comply with the rules and regulations will enable you to foster a culture of compliance.
Operating proactively by following the advice mentioned above and applying the same to different levels of your compliance program will tie compliance with the organization’s soul.
Moreover, compliance leaders can reward the ethical conduct of employees. A culture that promotes ethical and compliance-friendly behavior is a critical driver of success in the life sciences compliance domain.
Additionally, while upgrading a compliance program, compliance leaders should consider the technologies that can be integrated into a compliance program.
Integrating technologies would significantly reduce the burden on compliance teams. In addition, with the reduced workload, compliance professionals can focus on deriving insights that would further improve the effectiveness and efficiency of the compliance program.
Do you want to learn how qordata has helped life science and pharmaceutical companies take their compliance program to the next level, ensuring a highly effective approach to compliance?
Click here to schedule a meeting, and our experts will guide you on how you can leverage our data-driven compliance solution to take the complexity out of compliance.
