BEDMINSTER, N.J., May 18, 2012 (BUSINESS WIRE) –
Cegedim
Relationship Management today released an industry report, 2012
US Trends in Aggregate Spend and Disclosure Reporting, which
provides in-depth analysis of results of its third annual survey of US
decision makers regarding today’s key trends and challenges in the Life
Sciences industry. According to the survey, Life Sciences executives’
responses reflect the impact of the sunshine provisions of the Patient
Protection and Affordable Care Act (PPACA), often referred to as the
Sunshine Act, and global transparency laws; a projected increase in
automated reporting; and decreased usage of internal and manual
reporting methods.
Rising Stakes to Optimize Disclosure Reporting Procedures in the Face
of Increased Transparency Laws Worldwide
Cegedim Relationship Management’s US Aggregate Spend report displays a
snapshot of how increased transparency is affecting US pharma, biotech
and medical device industries. According to respondents, an overwhelming
majority (75%) expects to meet disclosure laws using internal or third
party solutions as more requirements are implemented. Surprisingly,
nearly half (44%) of the respondents, most of which are from the medical
device sector, currently report manually or with spreadsheets, Yet, as
more laws are enacted, only a small minority (16%) believes that their
manual/spreadsheet practices will continue. And in specific response to
the Sunshine Act, most surveyed (67%) currently utilizing
manual/spreadsheet processes anticipate migrating to an automated
solution in reaction to the federal law. Lastly, implementing an
internal automated solution, versus third party, decreased by 15%
between 2011 and 2012 — highlighting that companies now leverage
revolutionary benefits from outsourcing to third party solution
providers.
Global Implications of US Companies Maintaining Transparency
The UK Bribery Act and Foreign Corrupt Practices Act (FCPA) impose
regulations on US companies with global footprints, further escalating
the risks involved with a breach in compliance. Hence, most executives
(87%) consider global capabilities when selecting an aggregate spend
solution. Critically, companies remain unsure about when migration to a
global reporting solution will occur. Within Europe, respondents were
most concerned with the UK (33%), France (28%) and Germany (20%). In
Asia Pacific, respondents indicated that China and Japan occupy the
primary focus of their compliance efforts.
“Observing more stringent transparency laws, revised industry
association code of ethics and transparency guidelines, both locally and
globally, is a new reality for US Life Sciences organizations. With
increased country-specific legislation and / or guidelines, companies
must adopt a holistic and globally consistent approach for monitoring
financial relationships with their customers,” explained Bill Buzzeo,
Vice President of Global Compliance for Cegedim Relationship Management.
“Companies must also broaden processes and solutions to consider
including more proactive controls that start working prior to transfers
of value to HCPs in order to optimize internal transparency and ensure
multinational compliance.”
Cegedim Relationship Management, the international leader in Regulatory
Compliance, Customer Relationship Management, Healthcare Professionals
(HCPs) Data and Marketing Solutions for the Life Sciences industry,
conducted the survey in the first quarter of 2012. Please
click here to access the full survey report.
About Cegedim Relationship Management: Cegedim Relationship Management is the Life Sciences industry's
leading provider of Customer Relationship Management (CRM)
solutions. Designed specifically for Life Sciences, the company's
innovative business solutions incorporate a thorough understanding
of local, regional and worldwide trends. Cegedim Relationship
Management enables more than 200,000 users in many of the world's
most innovative companies to stay ahead of market challenges. In
addition to CRM, Cegedim Relationship Management also provides
marketing, data optimization and regulatory compliance solutions
in more than 80 countries. Cegedim Relationship Management is part
of the France-based Cegedim S.A. Group.
To learn more, please
www.cegedim.com/rm Follow
Cegedim Relationship Management on LinkedIn
and Twitter.
-------------------------------------- -------------------------------------------------------------------------------------------
About Cegedim: Founded in 1969, Cegedim is a global technology and services
company specializing in the healthcare field. Cegedim supplies
services, technological tools, specialized software, data flow
management services and databases. Its offerings are targeted
notably at healthcare industries, life sciences companies,
healthcare professionals and insurance companies. The world leader
in life sciences CRM, Cegedim is also one of the leading suppliers
of strategic healthcare industry data. Cegedim employs 8,200
people in more than 80 countries and generated revenue of EUR 911
million in 2011. Cegedim SA is listed in Paris
/quotes/zigman/150636 FR:CGM
-0.31%
.
To
www.cegedim.com -------------------------------------- -------------------------------------------------------------------------------------------
SOURCE: Cegedim Relationship Management
Cegedim Relationship Management
Global Communications
Drew BUSTOS, +1-908-443-2451
drew.bustos@cegedim.com
or
Cegedim
Media Relations
Aude BALLEYDIER, +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr
Copyright Business Wire 2012
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