Increasing regulatory complexities for pharmaceuticals are widespread. Pharmaceutical companies face compliance risk in many areas of business from research to marketing, and even in manufacturing quality control, clinical studies quality control, drug safety reporting, and physician relationships.
Identifying, analyzing, and mitigating compliance risks is paramount in an effective compliance program. Compliance indiscretions among US and Global transparency laws are costly in terms of painstaking fines, remediation costs and overall reputation damage. Innovative solutions can identify early or unexpected trends allowing Compliance leaders to see inconsistencies before they are unmanageable.
How can management, with greater demands maintain effective compliance across all all their compliance needs? Automated Business Analysis platform, can help Compliance teams identify and address risk areas proactively. Outlier provides Compliance teams relevant daily insights to identify unexpected changes and trends. These insights allow for early adjustments to ensure accuracy and avoid non-compliance risks.
Outlier performs analysis of cloud-based data or SQL databases overnight so that every morning the Compliance team will receive insights with the most notable compliance discrepancies. There is a plethora of data in the pharmaceutical industry. Without Outlier, it would take teams of data scientists and analysts weeks of time to pour over the data in preparation of the annual report. And, we already have a shortage of skilled data scientists.
To solve this data challenge, pharmaceuticals need to embrace Automated Business Analysis with artificial intelligence to perform the data analysis quickly by delivering 4-5 stories a day. Anomaly detection tools would inundate a Compliance team with 1,000s of insights a day, which is too much noise for these already strapped teams. Automated Business Analysis platforms deliver insights quickly and effectively to Compliance teams.
With Outlier, these discrepancies are found daily, allowing the Compliance team to request assistance from the appropriate functional team within the company to correct immediately. Correcting for reporting purposes quickly, while the discrepancy is recent, corrects for future mistakes and ensures data quality remains high.
A leading pharmaceutical is using Outlier for this purpose. Their Compliance team relies on Outlier to communicate the “source of truth” about the reporting information and the Compliance team works with internal teams to correct the discrepancy quickly. This Compliance team has seen a reduction in the amount of discrepancies over the last 6 months, an increase in data quality, and more collaboration with each internal team.
Our first blog on using Automated Business Analysis in Pharmaceutical was about discovering changes to supply and demand indicators and our second blog was about tracking payer trends. Find out how you can make more strategic decisions with Outlier and improve your compliance reporting, join this webinar with Pharma experts and industry analysts.