The Silicon Review
“We are proud to be considered a trusted partner offering a compliance system of record for nearly 150 life sciences companies around the world.”
MediSpend, a global technology company providing best-in-class solutions that empower life sciences companies to grow their business compliantly through top-rated software and client services, is respected as a trusted partner for some of the world’s largest pharmaceutical, medical device, dental and emerging biotech companies around the world. The MediSpend Global Compliance Suite represents the industry’s first global SaaS solution purpose-built to manage the end-to-end process of healthcare professional and organization (HCP/O) engagement through transparency reporting, which includes software that facilitates external grant requests.
Craig Hauben, CEO of MediSpend, spoke to The Silicon Review about how the MediSpend Global Compliance Suite has catapulted MediSpend as one of the fastest growing companies in 2022.
MediSpend | Synopsis
The Importance of a Trusted Compliance Partner
As one of the most regulated industries in the world, life science organizations need a well-developed compliance plan to stay ahead of the game. Creating or enhancing a compliance program can be overwhelming. If you choose the wrong partners, implementing new policies, procedures and technology can cause confusion, waste valuable time and drain your budget.
Life science companies have demanded reliability from the compliance solutions they utilize. They require that any software solution, especially SaaS-based ones, are developed to meet the vast majority of their functional needs out of the box before they are willing to use it. It is preferred that there are more configurations and less customization. Additionally, they need to make sure that third-party SaaS solutions meet stringent data privacy and security protocols and that their solution provider has the subject matter expertise needed to support their complex needs.
When considering a compliance strategy, it’s important to note that there isn’t a one-size-fits-all solution. For example, a small biotech company and a large medical device company would have completely different strategies. “By leveraging best practices that we have seen working with nearly 150 global life sciences organizations, our MediSpend industry experts work closely with our clients to tailor the optimal solutions to meet business needs. Whether that is configuring a client’s existing process or making recommendations on how to improve these processes, we support our clients at every stage of their compliance journey. Our Global Compliance Suite works in tandem with our team members to address needs to ensure company goals are accomplished, within budget and on time,” extols Hauben.
MediSpend aims to make compliance simple and reliable for clients; giving life sciences companies one less thing to stress about. The MediSpend Global Compliance Suite was purpose-built with the end-user in mind. It delivers a simplified user interface and has often been cited as more intuitive than competing offerings. Modern technology developments and an intuitive user interface aid in quick user adoption and continuous engagement with the platform.
Working with a compliance partner is an important step in continued business success, and it’s crucial to take this process seriously. Choosing an experienced partner who can understand your needs and provide the right solutions to build your compliance program and execute those plans effectively will make all the difference. “With more regulations on the horizon, the compliance framework will only become more complex. Our flexible solutions easily pivot with these growing demands to ensure continued adherence to regulatory requirements,” adds Hauben.
The Standout Factors that Set MediSpend Apart
Client success is at the forefront of MediSpend’s focus. Focusing on what clients need and want while staying stay in tune with the broader needs of the market is key to MediSpend’s success of meeting client needs now and scaling to meet their future needs. MediSpend’s Client Services team provides full-service access and solutions to address client needs during the reporting season and throughout the year. Through monthly meetings with clients, the MediSpend Client Services team consistently receives high ratings from clients. “We are proud to say that our clients report a 97% overall satisfaction rate,” says Hauben.
The MediSpend team offers a wealth of industry knowledge gathered from advising companies that are preparing to launch their first product all the way to complex, global organizations that are industry leaders. Focused on what clients need, MediSpend has developed the Legislative Watch, which provides free summaries of global reporting requirements.
MediSpend partners continue to enhance the MediSpend experience through innovative technology, professional and advisory services. The company’s Partner Program recognizes strategic organizations that offer services that complement the MediSpend suite and have demonstrated excellence in ensuring mutual client success.
Fast Growth from Majority Investor
Last year, MediSpend received a majority growth investment from Susquehanna Growth Equity (SGE), an entrepreneur-centric growth equity firm exclusively focused on software and information services companies. SGE’s investment has accelerated and supported MediSpend’s product and client expansion across the broader life sciences industry.
SGE’s partnership with MediSpend promotes enhancements across the company as they expand their product offering. With this new partnership, MediSpend is accelerating its roadmap and innovation, which will allow them to expand global coverage and add data services to its portfolio.
The Road Ahead
The industry is finally focusing on the importance of data analytics which is something that MediSpend has been offering and nurturing within the Global Compliance Suite from the beginning. MediSpend offers Insights, an intuitive business intelligence platform that provides a 360° view of all aggregated compliance data in a centralized location. Stakeholders can build interactive self-service dashboards, create ad-hoc reports and analyze integrated data to quickly identify risk and plan paid HCP/O engagements more effectively. The real-time, ad hoc analytics provided within MediSpend’s Global Compliance Suite empowers informed business decisions and helps mitigate compliance risk. MediSpend Insights offers:
The Visionary Leader of MediSpend
Craig Hauben, MediSpend’s CEO, has brought a wealth of leadership experience to MediSpend. Craig has led large sales and operations teams through high growth and turnarounds. He has been a stabilizing force that has the management team, and the whole company, focused on their customers and building MediSpend into the best compliance partner in the industry.
Craig’s vision has been critical. In a brief period of time, he has been able to survey the market, diagnose the product strengths and create a long-term roadmap for a product set that is unique in the industry. The entire team is energized around this vision and its journey.