Keeping up with evolving disclosure requirements is a challenge. Discover how IQVIA Transparency Reporting can help you adeptly report, global HCP spend.
Compliance requirements have shaped much of the innovation at the forefront of today’s market trends, as expanding transparency requirements demand more extensive documentation of interactions with HCPs, HCOs and patients. The artificial intelligence and machine learning that drive human data science translate this visibility into actionable insights professionals can use to improve business practices — not only within the realm of Commercial Compliance, but across the spectrum of Marketing, Field Sales, Legal, HR and R&D.
With the help of sophisticated AI, you can spot patterns immediately and target spending initiatives, in order to augment visibility into prescriber behavior in near-real time — all without waiting for an annual review to figure out what’s working and what could be improved. IQVIA Transparency Reporting Spend Remediation Intelligence enables the ability to learn from previous corrections, auto-applying changes to speed up processes.
In such a dynamic industry, being able to pivot rapidly in this manner confers a tremendous competitive advantage. For instance: See which activities are yielding the most high-quality engagement, and determine if your current resource allocation matrix is optimized or needs to be changed.
Embedding compliance into the DNA of a technological solution gives managers real-time transparency into upstream and downstream sales and marketing activities, promotional programming and all kinds of HCP touchpoints. Ongoing operational monitoring adds value in two distinct ways: It relieves compliance departments of the burden of rectifying errors or patterns of problematic behavior after the fact, and the automated monitoring built into the system frees up human capital bandwidth so executives can devote more time to strategic pursuits.
An examination of the technological tools that facilitate this compliance, though, also must address an equally critical distinction: The limits of said technology when applied to a broken or poorly optimized process. It is critical to assess, remediate and harmonize workflows prior to implementation. While technology has enhanced the agility of compliance and engagement protocols by leaps and bounds, even good technology can’t fix inadequate or outdated process management.
Remarkably, although life science companies dedicate 80% of resources to making sense of data, they capture, on average, a mere 20% of the value embedded in that data. Why? Because all too often, these investments take place in disconnected silos. The more diverse and holistic the data flowing into the system becomes, the better and more consistently compliance adherence can be accomplished. Improving the quality of data at the point of collection helps companies achieve optimized downstream reporting — but that’s not the only benefit.
Once reporting methodology is standardized and seamless data collection is achieved, engagement management technology can generate insights that can be deployed to improve services and logistics processes — the catalyst for a virtuous cycle. The demand for more sophisticated data yields visibility into engagement outcomes that can augment the value of the company’s investment in transparency-promoting technology.
IQVIA research shows that 77% of enterprises struggle with the business adoption of the insights, limiting their ability to act, measure and adjust. Through interactive dashboards and reports, life sciences companies can unlock actionable insights—informing business decisions, strategy, and competitive insight — creating a positive feedback loop to improve performance benchmarks.
These intelligent solutions don’t just facilitate compliance, they give companies the tools needed to adapt and improve business processes.
IQVIA’s innovative solutions leverage embedded compliance, advanced UI, and next-generation analytics and machine learning to create a holistic compliance risk perspective. IQVIA HCP/O Engagement Management streamlines the end-to-end engagement process, while IQVIA Transparency Reporting aggregates all HCP/O spend for accurate reporting across regulatory data formats.
To learn more about how connected intelligence can deliver valuable insight from compliance data, download our newest white paper here:
Turn Insight into Action with Connected Intelligence
Keeping up with evolving disclosure requirements is a challenge. Discover how IQVIA Transparency Reporting can help you adeptly report, global HCP spend.
Partner with compliance experts to create, implement and manage efficient, end-to-end processes that ensure your organization is compliant with global engagement and transparency regulations and codes.
Enable compliant planning, management, contracting & payment of HCPs & HCOs globally.
Meet the challenge of changing stakeholder demands and increasing cost constraints with IQVIA's integrated technology services and analytics-driven offerings.