SOURCE: Cutting Edge Information

April 23, 2008 09:45 ET

Compliance Departments Spend $1.2 Million Annually, According to Pharmaceutical Intelligence Firm Cutting Edge Information

RESEARCH TRIANGLE PARK, NC--(Marketwire - April 23, 2008) - Compliance departments at pharmaceutical companies average $1.2 million in annual budgets, according to a new report by Cutting Edge Information. The study, "Monitoring and Ensuring Pharmaceutical Compliance," reveals that though many budgets fall well below the $1 million mark, compliance groups are often aided by neighboring company departments.

As compliance departments have become more integral to their organizations, they have enabled other departments to actively pursue self-governance and meet regulations with greater success. Though these departments have become more successful at self-governance, they still require the compliance groups to keep them updated on new regulations. Departments to which compliance groups provide training include medical affairs, marketing, business development, sales, legal/regulatory and many others.

"Compliance groups are now taking proactive roles in their companies," says David Richardson, senior analyst for Cutting Edge Information and lead author of the study. "By taking a dynamic approach to training and monitoring, the compliance team encourages compliant practices throughout the organization."

The report explores the current state of the compliance environment. It examines compliance groups' structures, investments and strategies. Compiled from surveys and interviews with compliance executives at leading companies, the report enables companies to improve their compliance strategies and practices.

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 http://www.cuttingedgeinfo.com/pharmacompliancemanagement/PH113_Download.asp#body.

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