MediSpend: Empowering Life Sciences Companies to Grow Their Business Compliantly
In a nutshell, regulatory compliance provides numerous guideposts that show businesses what is required to succeed in their industry. As one of the most regulated industries in the world, life science organizations also need a well-developed compliance plan to stay ahead of the game. Creating or enhancing a compliance program can be overwhelming without the right compliance partner. Implementing new policies, procedures and technology can cause confusion, create budget loss and waste valuable time. Moreover, when considering a compliance strategy, it’s important to note that a one-size-fits-all solution does not fit all problems. That’s why organizations, especially in the life science space, work with MediSpend—a global technology company providing best-in-class solutions that empower life sciences companies to grow their business compliantly through top-rated software and client services. MediSpend is the compliance system of record for some of the world’s largest pharmaceutical, medical device, dental and emerging biotech companies around the world. “By leveraging best practices that we have seen working with nearly 150 global life sciences organizations, our MediSpend industry experts work closely with our clients to tailor the optimal solutions to meet business needs,” begins Craig Hauben, CEO, MediSpend.
With more regulations on the horizon, the compliance framework will only become more complex. At this juncture, the MediSpend Global Compliance Suite represents the industry’s first global SaaS solution purpose-built to manage the end-to-end process of HCP/O engagement through transparency reporting, which includes software that facilitates external grant requests. It delivers a simplified user interface and has often been cited as more intuitive than competing offerings. MediSpend offers modern technology developments and intuitive user interfaces that aid in quick user adoption and continuous engagement with the platform. Whether that be configuring a client’s existing process or making recommendations on how to improve these processes, MediSpend supports clients at every stage of their compliance journey. The company’s Global Compliance Suite works in tandem with its team members to address needs to ensure company goals are accomplished, within budget, and on time. “Our flexible solutions easily pivot with the growing compliance demands to ensure continued adherence to regulatory requirements,” adds Hauben.
The MediSpend Global Compliance Suite consists of a modular suite of SaaS-based solutions that includes Engagement Manager, Transparency Solution, Grants Manager, Study Manager, and Insights, which showcases real-time, standard and ad hoc analytics. As a result, it empowers informed business decisions and helps mitigate compliance risk. Together, these products represent a unified, end-to-end solution specifically designed to address global laws and regulations across the life sciences industry. Engagement Manager enables a business to plan, engage and pay HCP/Os for activities using embedded rules. Transparency Solution automates aggregation, validation, and reporting transfers of value to comply with all global transparency laws and codes. Grants Manager manages internal and external funding and product requests through a secure portal ensuring seamless tracking and communication. Study Manager is designed for non-pharmaceutical company researchers, such as individual investigators, institutions, collaborative study groups, or cooperative groups to request, track and manage investigator-initiated clinical studies.
Insights is an intuitive business intelligence platform providing a 360° view of all aggregated compliance data in a centralized location. Stakeholders can view interactive dashboards, create ad-hoc reports and analyze integrated data to quickly identify risk and plan HCP/O engagements more effectively.
MediSpend offers Advisory Services that are led by a team of experienced attorneys and compliance professionals to assist life sciences companies with the development and implementation of policies and procedures that facilitate compliance with global healthcare laws, regulations, and codes of conduct. Focused on what clients need, MediSpend developed its Legislative Watch, which provides free summaries of global reporting requirements.
MediSpend offers innovative, intuitive and easy-to-use software solutions that meet client needs now and in the future. It is no wonder why MediSpend is the compliance system of record for nearly 150 life sciences companies around the world. In addition to offering top-rated technology solutions, MediSpend is a trusted compliance partner that empowers life sciences companies to grow their business compliantly. MediSpend has worked closely with a variety of companies from small and emerging to the largest pharmaceutical and medical device companies in the world by assisting them in building successful compliance programs to fit their business needs. “We are proud to say that our clients report a 97% overall satisfaction rate, 94% product satisfaction rate and that more than 90% of our nearly 150 clients are willing to be client references,” extols Hauben.
MediSpend enhances client value and success through integrated and market-leading solutions and services. MediSpend partners continue to enhance the MediSpend experience through innovative technology, professional and advisory services. The company’s Partner Program recognizes strategic organizations that offer services that complement the MediSpend portfolio and have demonstrated excellence in ensuring mutual client success. In the long run, the team aims to make compliance simple and reliable, giving life sciences companies one less thing to stress about. Accelerating that vision, MediSpend recently received a majority growth investment from Susquehanna Growth Equity (SGE), an entrepreneur-centric growth equity firm exclusively focused on software and information services companies. SGE’s investment will fuel and support MediSpend’s product and client expansion across the broader life sciences industry.