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Pharma Tech Outlook | Tuesday, March 30, 2021
To design and deploy an effective enterprise system-wide compliance program, a pharma company needs to maintain its people, processes, and technologies.
FREMONT, CA: Without modernizing compliance at pharma organizations, it will likely become increasingly complex, if not impossible, for compliance to remain a strategic partner to the business. Regulatory needs are increasing, regulators’ potentials to identify risks and bad behaviors are evolving in speed and sophistication, the pressure to cut costs and do more with less is increasing, and digital technologies themselves can be a source of risk as the firm adopts new tools and means to engage with customers.
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Digital technologies can help move away from these tasks, keep up with the massive amounts of data, and transform compliance into a value-generating organization that anticipates what can go wrong and prevents it from occurring. Given the need for specialized expertise on other parts of the organization for data, compliance processes have traditionally depended on manual processes. And this means that compliance can only be as potent as the number of people assigned to it.
Identifying and customizing training requirements, creating reports, and developing and managing compliance policies need considerable resources. Monitoring involves manual data extraction from several documents and data systems and managing inefficient document management processes. And ad hoc tasks like attending meetings, reviewing promotional materials, and answering business colleagues' questions can be time-consuming.
Compliance functions spend considerable time on the review of emails as part of risk monitoring. Pharma firms deployed an NLP tool for initial email screening to identify potential risks. One of the responsibilities of the compliance need is to audit marketing spend. During an internal audit, a pharma firm found that employees inaccurately reported the expenses incurred during HCP interactions.
One of the responsibilities of compliance is to monitor marketing spend. During an internal audit, a pharma firm found that employees inaccurately reported the expenses incurred during HCP interactions. The time to invest in digital transformation is now; every firm can take steps to modernize its compliance processes regardless of where it is on the digital maturity continuum.
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