THANK YOU FOR SUBSCRIBING
Pharma Tech Outlook | Thursday, November 08, 2018
Digitization has been a catalyst for change and growth in life sciences. A recent report by Frost & Sullivan states that the life sciences industry is nearing the $1.5 trillion milestone primarily due to innovations in various technologies. But how can business leaders also maintain strong regulatory compliance?
Organizations can take the first step in understanding requirements and limit regulatory risk by improving information governance. While digital transformation starts with digitization for compliance, it should be recognized as a key tool for competitive advantage and success.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
A world at odds: compliance drivers
For legacy life sciences companies in particular, scrutiny has only increased as price pressures, and clinical trial data have moved to a part of the public persona from business decisions. This has created a business environment where binding information is at direct odds with calls for higher transparency.
Furthermore, medical device and services companies are also facing greater scrutiny over their ability to manage patient privacy effectively. The cavalier attitude that many of the new technological entrants to the medical device and services sector have shown towards user privacy and their information security practices have forced vital regulators such as the FDA and the Department of Health and Human Services to increase oversight across the whole of life science.
HIPAA and linking health data to personal identifiers
As it impacts information management strategy, HIPAA has two mandates: protect the patient or consumer personal healthcare data and ensure accessibility by the individual who owns the data. But what isn’t clear from either FDA or HIPAA, is the line between personal consumer improvement and medical advice. Companies that collect an individual’s information directly must ensure information security processes to stand up to a HIPAA audit.
If you manage or merely have access to personally identifiable information including insurance numbers, medical history, or drug trials as part of your organization’s business, or as part of a service that you provide to organizations, then you must be able to produce auditable processes and be able to confirm that all access to that information conforms to standardized operating procedures (SOPs).
Going digital: following the FDA’s lead
Approval by regulators is a critical step for life science companies in ensuring the long-term health of the company. An essential step in this process is gaining approval to market the product and that too, in a timely manner.
Time to approval has increased significantly due to tight budgets, working with third-party reviewers, and an increasing number and type of products. One more factor is the number of new entrants into the regulated markets.
The increase in time to approval coincides with a surge in the number of drug recalls by the FDA. Life science organizations should expect tighter scrutiny of their audit logs, procedures, and record throughout their whole life cycle.
More in News