Cegedim
Relationship Management, a provider of Life
Sciences-specific Customer Relationship Management solutions, today
issued the results of the 2010 European Trends in Aggregate
Spend, Transparency, and Disclosure Report, a market research study
conducted through September and October of this year.
The survey found that 93 percent of respondents are concerned that
regulatory compliance will be a major challenge to the Life Sciences
industry in Europe over the next three years, and that it is expected to
significantly impact the industry’s image.
Data identification, consistency and quality are the major challenges in
project implementation and compliance governance processes, with 22
percent of companies in Europe currently using Excel to monitor
expenditure. This is set to drop to 10 percent as organisations increase
their dependency on third party solutions to meet compliance
requirements.
The 2010 European Trends in Aggregate Spend, Transparency, and
Disclosure Report covers current topics such as: the concept of
transparency; leveraging transparency and aggregate spend information to
derive benefits above and beyond compliance; the implications at global,
regional and local levels; and how the European regulatory climate
compares to the more complex U.S. model.
The survey provides a fascinating insight into the growing regulatory
landscape in Europe, revealing that Life Sciences companies are
investing in compliance and assessing policies and procedures. However,
it also raises concerns about timing and the need to extend monitoring
beyond traditional sales and marketing functions.
“It came as no surprise to learn that the greatest concern is the
changing compliance landscape and how this will affect daily processes
and the image of the industry as a whole,” stated Bill Buzzeo, Cegedim
Relationship Management Vice President and General Manager, Global
Compliance. “Life Sciences companies need a way to respond to a rapidly
evolving industry that is presented with stiffer regulatory requirements
in addition to extreme competitive pressures and market access
challenges.”
According to Mr. Buzzeo, “Our vast local footprint in eighty countries,
deep understanding of the Life Sciences industry and proven solutions
enables us to deliver integrated solutions for compliance, sales,
marketing and IT professionals to overcome these challenges.”
