Listen to this articleMediSpend, is one of the leading companies in cloud-based compliance software solutions for the life sciences industry. MediSpend helps customers comply with ever-evolving health care laws and global data privacy regulations while reducing risk and lowering costs. Below is our recent interview with Michaeline Daboul, CEO at MediSpend:
Q: Could you provide our readers with a brief introduction to MediSpend?
A: Our products and services enable life science companies to manage and monitor physician engagement, aggregate and analyze enterprise data, and comply with global data privacy regulations. MediSpend customers range from the world’s largest medical device, pharmaceutical, dental and emerging biotech companies located in the United States, Europe, Asia and Latin America.
Q: Tell us more about your solutions?
A: The MediSpend Compliance Cloud is comprised of a suite of Software-as-a-Service (SaaS) products considered the compliance system of record for some of the world’s largest life science companies.
MediSpend Engagement Manager modernizes the end-to-end process of interacting with healthcare providers and healthcare organizations often referred to as healthcare entities (HCEs). Engagement Manager’s easy to use workflows help companies manage everyday business activities related to interactions with HCEs. This solution helps companies mitigate material risk and monitor HCE interactions to ensure they are compliant with global regulations including anti-kickback and bribery statutes, data privacy regulations and internal codes of conduct by providing compliance oversight and controls.
MediSpend Transparency Reporting solutions aggregate and track all payments and transfers of value that companies make to HCEs. We help companies collect, remediate, validate, analyze and report payments and transfers of value to comply with state, federal and global transparency laws.
MediSpend Insight collects and analyzes enterprise data to provide meaningful business intelligence using dashboards and powerful analytical capabilities. Using our deep life science knowledge and expertise we develop an easy-to-use dashboard to help companies track and analyze spend, perform competitive analysis, and monitor compliance programs in real-time.
Q: What makes MediSpend unique in the market?
A: The MediSpend Compliance Cloud provides the only cloud-based, end-to-end global compliance platform that meets the needs of complex pharmaceutical companies, emerging biotech and medical device manufacturers. Our platform allows our customers to manage upstream Health Care Provider (HCP) workflows and seamlessly aggregate downstream enterprise data. Our integrated analytics tools help companies manage costs, reduce risk and drive better decisions.
Q: Where do you see the life sciences industry going in 2018?
A: As the category continues to consolidate, we foresee organizations moving to off-the-shelf, cloud-based technology solutions. Replacing manual business processes to drive greater efficiency and visibility across the global enterprise is the ultimate goal. The proliferation of transparency laws across the globe compounded by the continued pressure to manage data privacy will require life science organizations to allocate more resources to compliance.
For instance, the General Data Protection Regulation (GDPR) enforcement begins May 25, 2018. These updated privacy regulations impact all life science companies that access, control, and process personally identifiable information for European Union (EU) citizens. Some life science companies are panicking now because they know they will not be GDPR compliant by May 25. The sense of urgency is fueled by the minimum fines for violations set at 20 million euros or up to 4 percent of annual global revenue. This new regulation is forcing companies to act quickly.
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Q: What are your plans for the future?
A: We are staying true to our mission to keep our growing global customer base happy and satisfied while continuing to operationalize enterprise compliance workflows. We continue to develop innovative solutions to help our customers remain compliant with the evolving global healthcare landscape. We also envision continued alignment with key partners, such as our recent collaboration with Veeva. This partnership allows the integration of MediSpend’s Engagement Manager with Veeva CRM Events Management to deliver collaborative capabilities that provide clients with complete compliance and end-to-end transparency of all activities. MediSpend is becoming the compliance system of record for some of the world’s largest enterprise life science companies to emerging bio-techs.
Q: What is your main goal?
A: The MediSpend Compliance Cloud is becoming the compliance system of record for the life science industry. Our goal is to help pharmaceutical and medical device companies deal with the day-to-day compliance requirements to successfully run a life science company, so they can focus on developing drugs and devices to enhance patient care and save people’s lives.
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