Helping Clients Monitor Compliance Health

Helping clients monitor compliance health

As the regulations in life science industries become more centerpiece, entire industries have arisen around the cause of helping companies comply with the new rules — and stay compliant.

The Sunshine Act of 2013, for example, requires pharmaceuticals, medical device, and biotechnology companies to collect, track, and report all payments made to healthcare professionals. “That means that every dollar these companies spend on healthcare professionals — from speaking engagement fees to research funds to the cost of the lunch they bring in for a meeting — has to be tracked and reported to the federal government, as well as to some state agencies,” explains Neeraj Singhal, Vice President Product Management for MediSpend.