Swift changes in the pharma industry calls for a compliance upgrade. Adopting digital technologies, such as automation and machine learning, can help compliance maintain its position as a strategic partner.
FREMONT, CA: Without modernizing compliance operations at pharma companies, it will likely become increasingly difficult, if not impossible, for compliance to remain a strategic partner to the business, which took years to achieve. Regulatory needs to enhance regulators' capabilities to identify risks and harmful behaviors increase in sophistication and speed. Internal pressure to cut costs and do further with the minimum is intensifying, and digital technologies can be a source of risk as the business adopts new tools and ways to engage with customers.
Digital technologies promise to enhance efficiency and quality. The adoption in compliance with pharma companies is nascent. Even when used, the levels of adoption and kinds of technologies vary. Some companies use complex algorithms such as NLP to create policy apps and mine text in emails for potential red flags. Many of the companies have built reports and dashboards, but these tools do not comprehensively address all analytic needs in routine compliance operations. For other tasks, compliance professionals depend on generic software like Microsoft suite.
Below provided are a few examples of implemented solutions categorized according to their usage.
The approach diminished the number of emails that compliance officers needed to review. The officers can spend time investigating emails and narrowing them down further to find risk to the business and perform employee retraining to develop their understanding of what creates risks and how to evade them in the future.
The compliance analytics team automated this process by capturing employees' inputs and calculating the space between the two locations, using data externally that the algorithm pulls from Google Maps. The respondent mentioned this as a tight solution requiring a minimal amount of code, and yet, has saved employees a lot of time.
With this app on smartphones, professionals can get answers to their inquiries in real-time. The app also offers a reference to the specific language in policy documents. When implemented accurately, organizations can benefit a lot from this solution.