Compliance teams are being faced with the obstacles of complying with ever-changing global healthcare legislation. As a result, many life sciences companies are now re-imagining the way they engage with digital solutions.
MediSpend is a global technology company providing best-in-class transparency reporting and compliant healthcare professional (HCP) engagement software solutions for the life sciences industry. 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.
The Journey of Medispend
The last decade has seen an increased use of technology by compliance teams to mitigate risk associated with HCP engagements and transparency reporting. While technology solutions have become more common in helping mitigate risk, chief compliance officers still need to manage an often confusing and decentralized array of data, systems and processes to create an integrated view of an organization’s risks. The market is now at a place where compliance enabled technology solutions are mature and have been critical in helping life sciences companies get a fuller view of their enterprise risk which enables them to better manage that risk.
Complying with ever-changing global healthcare legislation requires a highly configurable and scalable SaaS-based solution. MediSpend was first to establish an innovative, intuitive and easy-to-use SaaS-based solution to help life sciences companies meet their HCP engagement compliance needs globally. Many life sciences companies demand more configurations and less customization. MediSpend offers an innovative technology that is purpose-built to meet client needs now and in the future.
We are now proud to be considered the compliance system of record for more than 100 life sciences companies around the world.
Over the last few years, what was once a burgeoning market of new technology solution providers has now become a tighter group of mature, best-in-class solutions. MediSpend’splatformis considered to be the best purpose-built offering in the market and their client service is second to none. As the market has consolidated around their solution and a few others, MediSpend’s growth has accelerated and even the largest life sciences companies in the world are now their clients.
“With our clients as our biggest advocates, and one of our best marketing vehicles, we continue to accelerate our sales growth rate year over year..”
The Products and Services
The MediSpend Global Compliance Platform represents the industry’s first global solution designed to manage the end-to-end process of HCP engagements all the way through to transparency reporting, facilitating compliance with global healthcare laws while streamlining business processes.
The unified MediSpend Global Compliance Platform includes four individual applications: Transparency Reporting Solution, Engagement Manager, Grants Manager and Insight. While the components can be sold independently, together they represent a unified end-to-end solution that helps clients meet their global compliance needs.
- Transparency Reporting Solution: Collects, remediates, validates, analyzes and reports transfers of value to comply with state, federal and global transparency laws and codes.
- Engagement Manager: Is a global compliance solution with embedded compliance controls designed to identify and mitigate risk associated with HCP engagements. Engagement Manager will help your organization manage the end-to-end engagement life-cycle on a SaaS-based platform.
- Grants Manager: Manages internal and external funding requests through a secure portal ensuring seamless communication and the ability to track and report on the workflow via a more effective and efficient process.
- Insight: Provides integrated, real-time data to users within the MediSpend platform. Responsive dashboards make data available on any internet-enabled device, provide direct links to source system data and alerts to compliance risks.
We have technology that is tailored to the specific needs of each life sciences company.
The combination of MediSpend’sbest-in-class technology platform with their high-touch, client-focused service model is what keeps their clients happy. With high client satisfaction scores of 97% in client services and support and 91% in product functionality, the demand for MediSpend’s Global Compliance Platform is at an all-time high.
With their Legislative Watch, MediSpend arms life sciences organizations for success by compiling free summaries of transparency reporting guidelines from countries around the world. This includes reporting deadlines, covered recipients, what to report and how, as well as web-enabled links to additional resources and more to help support your compliance strategy and minimize risk.
“Our experienced leadership team is comprised of industry and business experts who have decades of experience developing and implementing software solutions, driving the growth of healthcare solutions, managing corporate compliance risk and developing global compliance programs for pharmaceutical and medical device companies, ultimately ensuring that clients achieve the highest levels of success with innovative technology and invaluable client-centric services.”
The company recognizes the increased compliance burdens facing life sciences companies in the highly regulated industry and is 100% committed to working in partnership with their clients to meet their needs today, tomorrow and in the future.
Today, more than 100 pharmaceutical, biotech, medical device and dental companies in 96 countries around the world rely on MediSpend to aggregate enterprise data securely and accurately to comply with global compliance laws. With their highly configurable solutions, MediSpend is able to meet the needs of emerging life sciences companies through the most complex global manufacturers.
The bottom line is that MediSpend provides:
- Best-in-class technology to support end-to-end process of compliant HCP engagement through transparency reporting
- Outstanding client service and support due toMediSpend’sdeep commitment to exceeding client expectations
- Subject matter expertise and advisory services that can compare with reputable management consulting firms
- 97% client satisfaction rate
- 94% of clients are referenceable
- 91% satisfaction of product functionality