2010 Aggregate Spend and Disclosure Reporting Industry Survey of compliance program experts

Apr 24 2010

Cegedim Dendrite today announced the results of the 2010 Aggregate Spend and Disclosure Reporting Industry Survey of compliance program experts from Life Sciences companies. Cegedim Dendrite is the leading provider of Customer Relationship Management (CRM), Regulatory Compliance, Data Optimization and Marketing solutions designed specifically for the Life Sciences industry.

“This approach has to encompass all indirect and direct internal departments, third parties and systems with oversight from compliance.”

With the passing of healthcare reform legislation requiring Federal-level disclosure and more states requiring specific reports, Life Sciences companies are continuing to face an increasing number of complex requirements when it comes to disclosure reporting on marketing, clinical, advertising and sales promotions expenses. Cegedim Dendrite found that despite these demands, about 40% of respondents are still using manual reporting practices; however, over half of these respondents plan to either outsource to a third-party or automate the process internally as more regulations are enacted.

"Aggregate Spend and Disclosure Reporting is a hot topic in the Life Sciences industry. As companies continue to struggle with the identification of data sources, consistent standards for data sources, single views of customers across data sources, and various other data anomalies, it becomes increasingly important to have a more holistic and consistent approach to aggregate spend and state reporting," said Bill Buzzeo, Vice President and General Manager, Compliance Solutions and OneKey for Cegedim Dendrite. "This approach has to encompass all indirect and direct internal departments, third parties and systems with oversight from compliance."

Highlights from the survey include:

• Only 29% of respondents report that they are very confident that their company's disclosure reporting is fully compliant with current regulations.
• About 40% of respondents say that they are still tracking and reporting manually or with spreadsheets; however, over half of these respondents expect to move to an automated solution to help them satisfy reporting requirements as new laws are passed.
• Only 37% of respondents indicate that their company enforces corporate standards for HCP and spend data capture which applies to all suppliers and staff. The remaining respondents either do not have standards or have standards which are not used universally.

Cegedim Dendrite's offering, AggregateSpend360™, enables Life Sciences manufacturers, including pharmaceutical, biotechnology and medical device suppliers, to track and analyze aggregate spend reporting and comply with complex Federal and state regulations. Serving as an industry pioneer, Cegedim Dendrite first introduced AggregateSpend360™ (formerly called State Guardian) in 2006, continually updating the solution to reflect evolving customer needs along with the constant change in federal and state reporting regulations. It is offered in both SaaS and license models.

Cegedim Dendrite collected survey data from personnel at Life Sciences companies who are responsible for managing or directing compliance programs.