<0> 4th Annual Survey Report Reveals Increased Reliance on Automated Reporting Prompted By Sunshine Act </0>
Cegedim Relationship Management 2013 US Aggregate Spend Study Discovers that 89% of Respondents Anticipate Utilization of an Automated Reporting Solution for Sunshine Act Compliance
Cegedim Relationship ManagementDrew BUSTOS, +1-908-443-2451Global CommunicationsorCegedimAude BALLEYDIER, +33 (0)1 49 09 68 81Media Relations
, a technology information services company delivering innovation to help transform commercial and compliance operations in US healthcare, today released its fourth annual industry report, . The newest US trend report displays a snapshot of how increased transparency is affecting US pharmaceutical, biotech, and medical device industries. According to the survey, Life Sciences executives indicate a projected increase in automated reporting and decreased usage of internal and manual reporting methods resulting from preparations for the finalized Sunshine Act.
This year, the Sunshine Act drives many Life Sciences companies to assess their systems’ ability to maintain transparency reporting compliance. An overwhelming majority (89%) of respondents expect to satisfy disclosure laws using internal or third party-based solutions as more legislative requirements are implemented. Additionally, companies reveal that manual reporting with spreadsheets is down, 40% in 2012 to 20% in 2013, in anticipation of final federal regulations.
Moreover, of the 20% of respondents using manual spreadsheets to satisfy compliance requirements, 86% plan to move to an automated solution in response to the federal law. Respondents’ top concern (50%) in anticipation of the Sunshine Act is having accurate, complete and timely data. In fact, 67% of respondents prefer their aggregate spend solution to be pre-integrated with a comprehensive customer data solution.
As transparency regulations populate both Europe and Asia-Pacific, respondents illustrate that they are taking new action. Over half (50%) specify that they have already implemented a global solution for aggregate spend and transparency reporting, up dramatically from 8% in 2012. This year’s respondents indicate their priorities for non-US transparency compliance to be Western Europe (46%) and Asia Pacific (25%) – with the highest priorities being France, UK, Germany and China.
“The finalized rule of the Sunshine Act compels companies to reflect on whether or not their current compliance practices can meet new regulations and generate value,” said Bill Buzzeo, SVP of Business Development for Cegedim Relationship Management. “With the upsurge in global transparency laws, companies must adopt a holistic compliance approach that leverages next generation technology, optimal data management, and is powered by a team of industry experts.”