The pharmaceutical and life sciences industry is among the most heavily regulated in the world. Today, these companies face unprecedented compliance challenges, and the close regulatory scrutiny to which they are subject is unlikely to abate anytime soon.
At no time have risk resilience and the need to effectively manage compliance been more important to the pharmaceutical and life sciences industry. Companies have to consider a wide range of emerging risks as they adapt their business to changing regulatory and market-driven pressures, including globalization, the advancement of technology, and the changing expectations of stakeholders. New information systems, strategies and processes to manage compliance are rapidly evolving in response to these pressures. Companies are increasingly realizing the value of investments in regulatory compliance by developing approaches that leverage compliance for business growth and increasing competitive differentiation.
Understanding the importance of properly diagnosing risks, and ensuring the proper controls to address compliance issues.
Life sciences companies have been developing aggregate spend programs with a focus on US State and Federal reporting. Our January 2014 webcast talks about how this will impact the industry.