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European firms face compliance challenges

The European Trends in Aggregate Spend, Transparency and Disclosure report reveals life science concerns over the compliance landscape

Results of a survey into European trends in aggregate spend, transparency and disclosure, issued on November 16 by Cegedim Relationship Management, reveal that 93 per cent of respondents are concerned that regulatory compliance will be a major challenge to the life sciences industry in Europe over the next three years, and impact industry image.

Survey respondents, comprising a representative sample of European executives from compliance, legal, marketing and sales departments within life science organisations, cited data identification, consistency and quality as major challenges to project implementation and compliance governance processes. 

While the European compliance function has traditionally focused on high-level governance design, the survey predicts changes to the evolving compliance landscape will have an effect on daily processes. For instance, the research predicts a 10 per cent drop in the use of Excel to monitor expenditure, and an increased dependency on third party solutions to meet compliance requirements.

Regulatory compliance is top of the agenda across Europe, but is particularly so in the UK, where the industry body - the Association of the British Pharmaceutical Industry (ABPI)  – is implementing transparency reforms to its Code and amendments to the Bribery Act will be legislated in April 2010.

17th November 2010

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