Insights from the 6th Annual Corporate Compliance and Transparency in the Pharmaceutical Industry Conference

03.19.18 | By Caroline Franco and Veronique Monjardet

Over 100 Life Sciences professionals from 21 countries across Europe met in Zurich, Switzerland February 22 and 23 to discuss critical compliance issues that are challenging the industry, as well as several emerging trends that will impact it in the days and years ahead.

Industry thought leaders shared insights on a broad array of topics, ranging from GDPR implementation, data analytics, transparency reporting and third-party due diligence, to patient advocacy, patient engagement compliance and what constitutes an effective ABAC program.

Polaris Sales Director, Veronique Monjardet, presented a case study that examined effective approaches to managing third-party compliance. It discussed due diligence red flags, how to mitigate risks associated with third parties, and provided examples of lessons learned and best practices to implement.

Following the presentation, Veronique and Polaris Senior Analyst, Caroline Franco, participated in an informative panel discussion. The group discussed how small compliance teams can effectively address the rising number of third party vendors, how to evaluate risks and how automation provides an efficacious solution.

In addition to third-party due diligence, GDPR was on everyone’s mind. Attendees were concerned about its impact on business, and the sweeping scope of the regulations. Of particular concern were issues surrounding the ongoing collection, retention and management of consent and other patient data. Several attendees shared that they were able to leverage Polaris’ eConsent tool to address these concerns.

The increasing importance of data analytics was also widely discussed. As the amount of transparency data collected continues to grow, firms are increasingly interested in partnering with companies who not only provide the data, but more critically, can provide insights on how to act on compliance risks associated with it.

In summary, it was agreed that Life Sciences companies must have a flexible, scalable and robust compliance program in place to help them navigate the ever-shifting regulatory landscape. Trends such as the increasing reliance on third party vendors, growing dependence on data analytics and the constant addition of new regulations will make it necessary for companies to have a program that is agile and adaptable to ever-shifting market conditions.

Since 2001, Polaris, a QuintilesIMS company, has worked with Life Sciences companies to create, implement and manage efficient, end-to-end compliance programs. Our consulting experts assess and guide compliance teams helping to leverage our innovative technology to streamline processes, reducing costs and risks, while improving efficiencies across the organization. Learn more at www.polarismanagement.com.