Innovative focus arrangement software provides critical compliance and business solutions for pharmaceutical and medical device manufacturers.
New York, NY – May 4, 2016 – This week, Polaris debuted its Focus Arrangement Management System, an exclusive technology developed to provide life science companies with a system that can fully manage all focus arrangements. In addition, Polaris is uniquely positioned to assist clients in developing comprehensive risk-based programs to review and approve focus arrangements.
Polaris’ software creates, tracks and approves contract requests, as well as approved FMV (fair market value) ranges. The Focus Arrangement Management System delivers enhanced visibility to the valuation of engagements by applying standardizing benchmarks which can be used to objectively assess fees across common service categories. It not only helps create visibility to focus arrangements, but also allows companies to effectively evaluate these or similar arrangements to ensure that market forces are being leveraged to ensure FMV.
Focus arrangements are transactions and arrangements involving individuals or entities that may purchase or make referrals for company products. However, the definition can be quite expansive. This definition includes all fee-for-service activities with managed care organizations as well as academic research hospitals. Therefore, the practical application of such a broad definition necessitates establishing a management discipline for identifying, assessing and managing such arrangements.
Due to increased government oversight, companies must establish focus arrangement procedures that include creating and maintaining a “centralized tracking system” for all existing and new or renewed arrangements. By tracking and benchmarking industry trends, Polaris will be able to track fees and premiums paid, as well as average cost per recipient and average cost per impression for direct marketing activities.
Currently, most companies only compare against direct comparable service activities. Because Polaris’ solutions help identify common cost drivers across a category of services, companies are more effectively able to evaluate service costs, automate the approval workflow and inform compliance auditing and monitoring.
Polaris has garnered a reputation as the de facto leader in providing industry analytics and benchmarking, consultative insights and recommendations, as well as the go-to resource to deliver robust technology platforms based on clients’ specific challenges and requirements.
“Our Focus Arrangement Management System and consulting expertise allows pharmaceutical and medical device companies to make more informed, confident and expedient decisions,” said Polaris Partner Darren R. Jones. “As the industries get more competitive, Polaris’ Focus Arrangement Management System will provide our clients with a much-needed competitive advantage.”
Polaris is the global authority on life science compliance, delivering innovative, expert consulting and comprehensive, best-in-class software and technology solutions, compliance management systems and business process outsourcing to the world’s most recognized pharmaceutical, biotech and medical device companies. Learn more at www.polarismanagement.com.
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