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A New Year for the European Life Sciences industry bringsa broader network of regulatory legislation that is beingstringently enforced at local, regional, and global levels. Withan endgame to further prevent corruption and bribery, newlaws and current regulatory agencies force pharmaceutical,medical device, and biotech companies to assess their abilityto achieve better transparency reporting of aggregatehealthcare practitioner (HCP) payment data. While the USmodel of operational compliance serves as the handwritingon the wall, European organisations remain uncertain on howexactly to approach their future of increased transparency.
European companies are acutely aware ofthe increased di
culty of satisfying newregulations.
Cegedim Relationship Management delivers its secondannual survey of European Life Sciences executives whoprovided insight on current compliance trends. The aim is tocontinuously evaluate and interpret the progress of industrytrends and highlight best practises for operationalcompliance.The 2011 compliance survey illustrates that Europeancompanies are acutely aware of the increased di
culty ofsatisfying new regulations. As a result, many organisationsare proactively working towards operational compliance byinitiating integral processes. And while Europe’s con
dencein reporting abilities is at an all-time high, companies are stillunclear how to ease the administrative work involved withmaintaining consistent, cross-organisational transparency.Life Sciences organisations are no stranger to the emergingseries of legislation, such as the US Foreign Corrupt PracticesAct (FCPA) and the UK Bribery Act, that impose criminalcharges and skyrocketing
nes if breached. Therefore,the industry must collectively and proactively address thenew era of global transparency in order to restore andsustain vital connections with healthcare practitioners andcustomers. If one company failed to commit fully to theinitiative and received widely publicized penalties, it wouldmar the appearance of the entire industry. Consequently,companies now promote drastic measures that aim toholistically change customer interactions and the capture,organisation, and storage of data related to payments ortransfers of value to HCPs.Furthermore, exactly seven out of 10 respondents (70%)feel that upcoming anti-corruption legislation will a
ectan increased number of countries, requiring greatertransparency. And nearly 5 out of 10 respondents feel thatupcoming legislation will result in changes to current salesand marketing practises (46%) and increased resources tomanage transparency (45%).
Increased number of countries requiringgreater transparencyChanges to current sales and marketingpracticesIncreased resources required to managetransparencyCommercial advantage of improvedreputationBene
t the business through reduced costdue to greater measurement and visibility
Index - pg.17
Impact of Anti-Corruption Legislation
Europe defers to the mature US enforcement model forinsights into their regulatory future, with nearly two-thirds(64%) of respondents anticipating that promotional spendtracking in Europe will reach US levels in one to three years.But in keeping with the sea of cultural di
erences thatseparate Europe from the US, respondents hint that they willmost likely not follow the US model entirely, but rather pavetheir own way to operational compliance.The onset of 2012 marks great change in the US, as thesunshine provision of the Patient Protection and A
ordableHealth Care Act (PPACA), known as the Sunshine Act, will