The Silicon Review
It is a very challenging task to navigate through the complex compliance world of life sciences. For a business to succeed in this industry, it is very important to comply with all the rules and regulations on top of marketing and selling their products. By failing to comply with the ever-changing regulations, businesses will have to deal with serious consequences, including debarments, fines and criminal prosecution. Experts are now recommending that life sciences companies partner with a trusted compliance solution provider to monitor the program and assess business practices to avoid compliance violations proactively.
Globally, there are various companies delivering compliance solutions for the life sciences segment, but MediSpend stands out from the rest, providing excellent solutions, top-rated client services and demonstrating themselves as a trusted compliance partner. MediSpend is a global technology company providing best-in-class solutions that enable life science companies to compliantly manage high-risk business functions through top-rated software and client services. MediSpend is the compliance system of record 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 (HCP) engagement through transparency reporting, which includes software that facilitates external grant requests.
In conversation with Craig Hauben, CEO of MediSpend
Q. How has compliance management evolved throughout the years? What are the anticipated trends in this segment?
During this unpredictable time, life sciences companies have demanded reliability from the solutions they utilize. MediSpend aims to make compliance simple and reliable, giving life sciences companies one less thing to stress about. Life sciences companies require innovative, intuitive and easy-to-use software solutions to meet their needs. They require that any software solution, and especially SaaS-based ones, are developed to meet the vast majority of their functional needs out of the box before they will be willing to use it. They prefer more configuration and less customization. Furthermore, they also want to make sure that third-party SaaS solutions meet stringent data privacy and security protocols and that the organization that is providing the solution has the subject matter expertise needed to support their complex needs.
Q. How can companies benefit from your solutions?
Our strategy here starts with keeping our focus on making our clients successful, not what our competition is saying and doing. By focusing on what our clients need and want, we stay in tune with the broader needs of the market, and can stay ahead of our competition:
Q. Firms and corporations are crossing international borders and expanding across the globe through mergers, acquisitions, consolidation and collaboration with foreign entities. How does your solution adapt to the change?
MediSpend’s legal team has a wealth of industry experience and touchpoints around the world. Our legal experts have compiled summaries of reporting requirements from the United States, Europe, Latin America, the Middle East and Asia. Life sciences companies are no stranger to the challenges of staying on top of ever-changing regulations and never-ending reporting deadlines. Keeping up with this industry can be stressful. MediSpend experts compiled the Legislative Watch, a free repository of global reporting requirements that is available on the MediSpend website. It provides information related to global transparency reporting laws and regulations for pharmaceutical and medical device companies concerning transfers of value to HCPs and healthcare organizations (HCOs). It also includes summaries of relevant codes and regulations governing HCP engagements as well as links to the corresponding materials.
Q. Tell us more about MediSpend’s Global Suite of solutions.
The MediSpend Global Compliance Suite consists of a modular suite of SaaS-based solutions designed to enable our customers to drive their businesses while having the right compliance checks along the way. Our products include Engagement Manager, Transparency Solution, Grants Manager, Study Manager and Insights, which showcases our analytical capabilities via dashboard reporting, ad-hoc and self-service analytics to help clients identify areas of attention. Together, these products represent a unified, end-to-end solution specifically designed to address global regulatory compliance laws across the life sciences industry.
Q. What does the future hold for your company and its customers? Are exciting things on the way? Do you have any new services ready to be launched?
MediSpend recently 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 will accelerate and support MediSpend’s product and client expansion across the broader life sciences industry. SGE’s partnership with MediSpend promotes enhancements across the company as we expand our product offering. With this new partnership, MediSpend is accelerating its roadmap and innovation which will allow us to expand global coverage and add data services to our portfolio. For example, we will be announcing new data and KOL engagement solutions in the coming months that will enable life sciences companies to compliantly engage with all stakeholders, leveraging data embedded into a more robust end-to-end compliant engagement solution. This includes major enhancements to the already popular Engagement Manager solution.
Meet the leader behind the success of MediSpend
Craig Hauben, CEO, brought a wealth of leadership experience to MediSpend. Craig has led large sales and operations teams through high growth and turn-arounds. He has been a stabilizing force that has the management team and the whole company focused on their customers and becoming a great company. Craig’s vision has been critical. In a very short period of time, he has been able to survey the market, diagnose MediSpend 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 the journey that MediSpend is on.