RESEARCH TRIANGLE PARK, NC--(Marketwire - October 28, 2008) - A new study by business
intelligence firm Cutting Edge Information finds that only 59% of
pharmaceutical companies currently own dedicated departments for
compliance. The study, "Monitoring and Ensuring Pharmaceutical
Compliance," highlights the growing need for creating a dedicated
compliance department.
With only 59% of pharma maintaining a dedicated department for compliance,
there are still a healthy percentage of companies who remain vulnerable to
unforeseen regulatory changes. Building a strong compliance management
team will give the staff the necessary power to effectively manage their
internal clients' changing needs.
Maintaining a dedicated compliance department also signals to outside
agencies that the company takes regulation seriously. Giving an outward
appearance of a company willing to police itself goes a long way in the
court of public opinion. The damage done by a compliance misstep can take
a long time to recover from -- both legally and in the eyes of company
stakeholders.
"New laws and regulations affecting pharma companies' abilities to do
business seem to be coming out more and more often," says David Richardson,
senior analyst for Cutting Edge Information and lead author of the study.
"There is no doubt in my mind that companies with dedicated compliance
departments are better prepared to handle and adapt to these changes."
The 104-page report makes its case with 300+ metrics and numerous insights
and industry best practices for managing these three aspects of the
regulatory landscape:
-- Structure, Headcounts and Investment -- Provides up-to-date
structuring strategies, headcounts and investments of top compliance groups
-- Monitoring and Ensuring Compliance -- Details companies' strategies
regarding monitoring, training, testing, documentation, firewalls, and much
more
-- Activities and Challenges -- Examines the focus and reach of top
compliance functions as well as the impact and reactions companies have
made to recent regulations. Survey respondents also rate the challenges
facing compliance efforts forward.
Key metrics and topic areas in the new pharmaceutical report include:
-- Compliance structures
-- Compliance training and testing methods
-- Firewalls
-- Corporate Integrity Agreements
-- Standard Operating Procedures
-- Risk Assessment
-- Audits
-- Live monitoring
-- Functions trained by compliance departments
-- Benefits of documentation
-- Impact of regulations on companies' practices
To download a free, online brochure of this report, visit
http://www.cuttingedgeinfo.com/pharmacompliancemanagement/PH113_Download.asp#body.
Contact Information: CONTACT INFORMATION:
David Richardson:
919-433-0216