SOURCE: Cutting Edge Information

May 20, 2008 12:12 ET

59% of Pharmaceutical Companies Have Dedicated Compliance Teams, According to New Cutting Edge Information Primary Research Study

RESEARCH TRIANGLE PARK, NC--(Marketwire - May 20, 2008) - Dedicated compliance departments are becoming the norm at pharmaceutical companies. 59% of those surveyed have a separate team devoted to company-wide compliance, according to a new report by Cutting Edge Information. The study, "Monitoring and Ensuring Pharmaceutical Compliance," shows that pharmaceutical companies are taking a more aggressive stance on compliance matters by having dedicated departments involved in the chain of development (www.pharmacompliancemanagement.com).

As regulations are constantly changing and pharmaceutical companies need to have a targeted focus, compliance departments have become a highly important part of the company as a whole. Many organizations have outgrown the concept of a non-dedicated compliance department or a compliance department that acts as a sub-function of another team. The result has been a corporate shift towards the dedicated compliance department which has the resources and capacity to stay up to date on the latest regulatory changes.

"Compliance groups have certainly become more strategic in nature," said David Richardson, senior analyst for Cutting Edge Information and lead author of the study. "With a dedicated compliance team, organizations have become more proactive in the way that they train employees, prevent and manage litigation and develop new products."

The 104-page report makes its case with 300+ metrics and numerous insights and industry best practices for managing these three aspects of the regulatory landscape:

-- Structure, Headcounts and Investment -- Provides up-to-date structuring strategies, headcounts and investments of top compliance groups

-- Monitoring and Ensuring Compliance -- Details companies' strategies regarding monitoring, training, testing, documentation, firewalls, and much more

-- Activities and Challenges -- Examines the focus and reach of top compliance functions as well as the impact and reactions companies have made to recent regulations. Survey respondents also rate the challenges facing compliance efforts forward.

Key metrics and topic areas in the new pharmaceutical report include:

--  Compliance structures
--  Compliance training and testing methods
--  Firewalls
--  Corporate Integrity Agreements
--  Standard Operating Procedures
--  Risk Assessment
--  Audits
--  Live monitoring
--  Functions trained by compliance departments
--  Benefits of documentation
--  Impact of regulations on companies' practices
    

To download a free, online summary of this report, visit www.pharmacompliancemanagement.com.

Contact Information

  • CONTACT INFORMATION:

    David Richardson
    Email Contact
    919-433-0216.