The pharmaceutical industry is experiencing a period of heightened regulatory scrutiny globally. This scrutiny is occurring in several areas, including sales and marketing practices, government drug price reporting, the privacy of a patient, customer health information, clinical operations, post-marketing drug safety reporting, and in quality control activities around manufacturing operations. Moreover, the greatest dilemma that most pharmaceutical organizations are facing is the complex balancing act of driving business innovation and achieving goals while simultaneously mitigating compliance risk.
This need to balance is driving a powerful reaction among them to form an alliance with an experienced regulatory compliance provider to help them identify root causes, develop corrective and preventive action plans, and mitigate associated risks quickly and effectively-without taxing the company's internal resources. Being the cynosure of public and federal agencies, pharmaceutical companies need to make sure that they have defined and robust compliance practices in place. Identifying, analyzing, and mitigating compliance risks are essential in developing an effective compliance program and ensuring the future sustainability of the industry.
In fact, digital technologies can make it possible for compliance providers help pharmaceutical companies to move away from mechanical tasks, keep up with the growing amounts of data, and transform compliance into a value-creating organization that anticipates what can go wrong and prevent it from happening. Notably, the adoption of digital technologies such as machine learning, AI, Big Data, RPA, and NLP can help compliance maintain its position as a strategic partner to the business.
Besides, holistic compliance services untangle intricacies in patent, product, and supplier management functions and enable pharmaceutical companies to pass stringent tests of regulatory bodies. These services also help companies embrace new-age technologies like cloud, big data, and analytics while proactively mitigating risks. It allows companies to manage their processes easily and subsequently enhance their workflows. Hence, the pharmaceutical industry is diligently identifying areas across the regulatory value chain that can potentially be centralized and harmonized to achieve compliance faster using cost-effective methodologies.
Understanding the changing times, Pharma Tech Outlook has compiled a list of Top 10 Compliance Service Providers to guide companies associated with the pharmaceutical sector in harnessing the power of technology to leverage digital capabilities in compliance and address myriad of regulatory requirements, reduce risks, and increase efficiencies, while simultaneously broaden treatment options and help improve patient health.
In this edition, we are glad to feature APCER Life Sciences, Freyr Solutions, Integrated Project Services (IPS) and Proclinical Consulting who work together with their clients on the strategic planning of regulatory needs by providing tailored end-to-end quality, compliance and regulatory solutions and services to achieve a successful outcome.
With several innovative technological capabilities and success stories up its sleeves, these Organizations are constantly proving its mettle in the field of compliance for pharmaceutical companies. We hope this issue of the Pharma Tech Outlook helps you build the partnership your firm needs to address their compliance needs better within the silos of individual operations or business functions.
We present to you Pharma Tech Outlook' "Top 10 Compliance Service Providers - 2019."