Modernization is the key to achieving strategic compliance operations for life sciences and pharmaceutical companies.
To pivot to a whole new level, organizations, and compliance professionals need to determine the importance of data-driven compliance solutions powered by emerging and conventional technologies.
The primary reason for this modernization is the evolving nature of regulatory requirements that are all set to increase in the future. The sheer pressure on compliance professionals to identify risk and unethical conduct is growing in speed and sophistication.
Hence, regardless of the team size, a data-driven compliance program that minimizes internal pressures and unlocks the possibility of deriving actionable insights through data is critical for compliance business growth.
Since there are multiple areas that compliance covers at a pharmaceutical or life sciences company, i.e., bribery, patient assistance program, anti-kickback, false claims, third-party engagements, and on top of all that, submitting reports to regulatory bodies, modernization through technology should be adapted in such a way that it augments expertise in each of the areas.
Even today, compliance operations rely on manual processes, and this means that the power of a compliance program of such an organization can only be gauged by determining the expertise and experience of the people assigned to it.
Data-driven compliance solutions can enable compliance professionals and organizations to move away from manual tasks through data-driven approaches combined with automation.
Harnessing the power of software, they can address heightened government expectations, keep up with expanding amounts of data, transform compliance into a value-creating function, and anticipate and identify what is going wrong before the government does.
Why Data-Driven Compliance Triumphs Tradition Compliance Operations
Perhaps the most considerable issue is that the resource-intensive nature of many operational activities involved in compliance limits the focus of compliance teams on strategic issues/tasks.
While this is a norm in the industry, especially where traditional compliance practices are common, this leads to a result that is also almost always the same.
What’s the result, you may ask? Well, companies may not get the value they expect to derive from their compliance operations/programs.
In addition, the sheer amount of data and functions that compliance professionals have to perform, i.e., provide training, mitigate risks, assure compliance, generate reports, manage compliance policies, and more, require considerable resources followed by a shift of focus from strategic initiatives to risk mitigation and compliance business operations.
In contrast, adopting a data-driven compliance platform, on the other hand, allows compliance professionals to shift their focus from hindsight to foresight and derive insights for strategic growth and compliance business operations.
Furthermore, the augmented capabilities, courtesy of data-driven and automated compliance platforms, ensure the betterment of compliance operations and strengthens compliance program to ensure effective risk mitigation, allowing compliance professional to sum it all up, it’s evident that when executives and C-level professionals engage in compliance related activities, they find several resource-intensive tasks that require extensive workforce, focus, and time to complete.
Hence, the adoption of tech-led and automated compliance solutions is evident.
The Strategic Advantage of Leveraging Data-Driven Compliance
The adoption of data-driven compliance solutions in Life Sciences and Pharmaceutical companies is nascent.
Improving efficiencies and quality and addressing surging complexities together are only some of the advantages of leveraging a data-driven compliance suite.
Through data-driven compliance, companies get:
• Digital reports and dashboards allow companies to dive deep into the world of compliance data and access analytics to derive actionable insights.
• Piece it all together by leveraging a purpose-built compliance solution to minimize the need to store, access and analyze data in silos.
• Leverage historical data to drive the future of compliance and identify key risk areas besides the ones already highlighted by the DOJ-OIG.
Moreover, inaccurate data, which is a main occurrence in the third-party engagement domain and can lead to heavy penalties, fines, and reputational damage, can be identified instantly and corrected retroactively through data-driven compliance solutions.
The certain allowable limits set by the company can be configured into an HCP engagement solution, and whenever a limit is exceeded by a sales rep, the violation is identified, and remediation is implemented by compliance professionals.
This is the benefit that technologies can provide to life sciences and pharmaceutical companies.
We’ve barely explored the unprecedented advantage of data-driven compliance in the world of life sciences and the pharmaceutical industry. However, still, it’s still clear that tech-led compliance solutions are the key to success in the complex world of compliance today.
