Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
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Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
Developing IQVIA’s positions on key trends in the pharma and life sciences industries, with a focus on EMEA.
Learn more
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VIEW ROLESThe role of master data management in life science compliance
The fact that life sciences data is growing increasingly complex is well documented. More customers, customer types and customer touch points are resulting in increased data volume, variety and velocity that all companies need to contend with.
Along with this complexity comes great opportunity, of course, and organizations are using powerful solutions like master data management (MDM) to prepare their data for use in analytics. The promise of having a “golden record” of customers is especially enticing for companies that prioritize great customer relationships, but the benefits don’t end there.
Forward-thinking companies are realizing even more value from choosing a multidomain MDM solution. This advanced type of MDM not only unifies customer data; it also incorporates data from other essential domains such as organizations, relationships and product information like formulation, dosage and delivery method. When combined, insights into these domains provide important new ways of identifying opportunities and improving performance throughout the commercialization lifecycle while supporting compliance in all business operations.
Better prevention
MDM solutions can support companies’ efforts in gaining regulatory confidence and this support is improved if the MDM solution is a multidomain solution. Knowing how, when and what you are communicating with healthcare professionals (HCPs) and consumers is a vital preventive defense against compliance infractions or exposure to risk.
Fines for noncompliance can be costly both financially and reputationally and this is why companies spend enormous amounts of labor and capital identifying, collating, merging, cleaning and properly formatting the data being used throughout the organization. A multidomain MDM solution improves a company’s ability to ensure that data is collected, processed and distributed throughout the organization to properly comply with all related regulations.
Easier control
By maintaining data lineage across contributing sources, histories, data change requests and more, a company can demonstrate full control over its information. Amid intensifying public conversation about the proper uses of personal data, increasing scrutiny is being placed on organizations by governments and consumers alike.
Since May 25, 2018, the General Data Protection Regulation (GDPR) has been making the ability to control and oversee data even more critical. By collating data from different domains, a multidomain MDM solution improves a company’s ability to correctly correlate customers with their contact and content preferences, ensuring that private data is used only as permitted and that a company has greater insight and control over data usage practices.
Confident authorization
Market authorization is yet another area where compliance can benefit from a comprehensive view of data. By collecting and unifying all the required details about a product, including indications, dosage, form and packaging, a multidomain MDM solution helps ensure that complete and correct forms are submitted to the relevant authorizing body in the market – which, of course, differs from country to country and sometimes by region.
In an environment of increasingly complex customer relationships, regulatory compliance requires having more control over how, what and when you are communicating with consumers and HCPs. Control begins with having a comprehensive view of your data. Having one MDM solution that works across domains reduces risk exposure, simplifies reporting and provides a solid foundation for sophisticated data analytics.
A purpose-built life sciences information management solution leveraging a multi-domain approach to manage enterprise data for consistent, reliable and faster access to insights.
Connect data across your organization with master data management and data warehouse capabilities, and transform the way you make business decisions.
