A SaaS Solution To Help Life Science Companies Manage Physician Interactions

Medical

Life science companies are drowning in a sea of regulations all over the world, which can make compliance overwhelming. Technology is their life vest. Moving compliance to the cloud is the key to keeping their heads above water. A secure cloud-based, end-to-end software-as-a-service (SaaS) solution designed specifically to help life science companies manage physician interactions and ensure compliance is a lifesaver.

The case for this technology begins with the laws and regulations governing the life science industry. Companies have to track internal, state, regional, national, and international rules and laws. Complying to international laws can sometimes be the most challenging.

So Many Laws, So Little Time

For example, the United States’ Foreign Corrupt Practices Act (FCPA) prevents companies from bribing foreign officials to win favor and more easily conduct business abroad. Recently, the U.S. Department of Justice announced it would crack down on life science organizations committing bribery, which has made compliance all the more imperative.

FCPA, however, is just one of many regulations governing healthcare companies. Now, every business that has connections to Europe is contending with the European Union’s General Data Protection Regulation (GDPR), which covers the privacy of personal data. Companies are spending as much as a $1 million to prepare for the enactment of the law, according to a recent survey by the global law firm Paul Hastings. Many have pointed out that this figure is a drop in the bucket compared to what violations could cost; GDPR fines are expected to be as much as 4 percent of global sales or 20 million euro, whichever is greater.

Even if a company remains intact after such transgressions, it faces major financial damage and reputational risk. In February 2016, one life science company had to shell out $312 million in criminal penalties and $311 million in civil penalties and corporate integrity agreements (CIA) after being found guilty of providing illegal kickbacks.

With Great Responsibility Comes Great Risk

If morality does not sway life science organizations to comply, then the financial consequences should. To avoid a similar fate, life science companies are making compliance a top priority. Besides saving companies from PR crises and hefty fines or potentially worse punishments, compliance also happens to be the right thing to do.

The best way to efficiently and effectively comply with various laws is investing in a compliance system of record that lives in the cloud. The savings are not the only a result of avoiding violations. The intuitive SaaS technology streamlines processes and eliminates the need for clunky homegrown systems that require constant updates.

A Matter of Convenience

Third parties make it their business to update the platform regularly and as more laws are enacted. Executives and their staff, who are clients of these platform providers, simply have to respond to prompts requesting required information. They can track the data as needed. Everyone, who has permission, can view the information. In fact, a bonus to using one of these platforms is the resulting data, which can be analyzed and used to determine best practices and strategies for the future.

In most cases, you can purchase a compliance system of record for less than 1 percent of a settlement. For instance, 1 percent of $25 million is $250,000.

As a result of SaaS compliance technology on the cloud, life science companies no longer need to have an internal IT department to build in-house systems. By reducing overhead, healthcare companies can invest in the job they really want to do: creating life-saving medicine or medical equipment.

Cloud-based compliance solutions can make life science companies more efficient, productive, and transparent, which can help win back the trust of the public. Life science organizations would much rather be discovering and distributing ways to save lives and improve health than concerned with global compliance regulations. As a result, compliance technology boosts the double bottom line in ways big and small.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Beerud Sheth
10 Things You Didn’t Know About Beerud Sheth
Razorpay
20 Things You Didn’t Know About Razorpay
Biotmetric Surveillance
Five Companies Leading the Way in Biometric Surveillance
Cloud tech
What Is Cloud-First Enterprise Tech?
NFT Market
The Top Five NFT Marketplaces Out Right Now
Activist Investors
What Exactly is Activist Investing?
Apple Products
Five Stocks That Most Billionaire Investors Own
Venture Capital
The Rise of the Venture Capital Scene in Africa
Svalbard, Norway
The 20 Most Peaceful Places to Live in Europe
Squirrel Hill North
The 10 Richest Neighborhoods in Pittsburgh
Chestnut Hill
The 10 Richest Neighborhoods in Philadelphia
Curitiba
The 20 Best Places to Live in Brazil
Best Buick SUV Models
The 10 Best Buick SUV Models of All Time
McLaren Models
The Top Five 0-60 mph McLaren Models of All-Time
1998 McLaren F1 LM
The Five Most Expensive McLaren Models of All-Time
Review of the 2021 BMW X5 xDrive 45e
Hermes Klikti watch 17 x 16 mm
The Five Most Expensive Hermes Watches Money Can Buy
Louis Vuitton Tambour Daimer Cobalt Blue And Gold Chronograph 46
The Five Best Louis Vuitton Watches Money Can Buy
Chopard Alpine Eagle Ladies' Small
The Five Finest Gold Chopard Watches
Chopard
The Used Chopard Watch: A Buyer’s Guide
Catherine Bell
How Catherine Bell Achieved a Net Worth of $15 Million
Josh Duhamel
How Josh Duhamel Achieved a Net Worth of $18 Million
Gabby Douglas
How Gabby Douglas Achieved a Net Worth of $4 Million
Liza Minelli
How Liza Minnelli Achieved a Net Worth of $50 Million