Survey finds concern over regulatory compliance as major challenge to Life Sciences industry

Cegedim Relationship Management, the world's leading provider of Life Sciences-specific Customer Relationship Management solutions, today issued the results of the 2010 European Trends in Aggregate Spend, Transparency, and Disclosure Report, a market research study conducted through September and October of this year.

“It came as no surprise to learn that the greatest concern is the changing compliance landscape and how this will affect daily processes and the image of the industry as a whole”

The survey found that 93 percent 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 that it is expected to significantly impact the industry's image.

Data identification, consistency and quality are the major challenges in project implementation and compliance governance processes, with 22 percent of companies in Europe currently using Excel to monitor expenditure. This is set to drop to 10 percent as organisations increase their dependency on third party solutions to meet compliance requirements.

The 2010 European Trends in Aggregate Spend, Transparency, and Disclosure Report covers current topics such as: the concept of transparency; leveraging transparency and aggregate spend information to derive benefits above and beyond compliance; the implications at global, regional and local levels; and how the European regulatory climate compares to the more complex U.S. model.

The survey provides a fascinating insight into the growing regulatory landscape in Europe, revealing that Life Sciences companies are investing in compliance and assessing policies and procedures. However, it also raises concerns about timing and the need to extend monitoring beyond traditional sales and marketing functions.

"It came as no surprise to learn that the greatest concern is the changing compliance landscape and how this will affect daily processes and the image of the industry as a whole," stated Bill Buzzeo, Cegedim Relationship Management Vice President and General Manager, Global Compliance. "Life Sciences companies need a way to respond to a rapidly evolving industry that is presented with stiffer regulatory requirements in addition to extreme competitive pressures and market access challenges."

According to Mr. Buzzeo, "Our vast local footprint in eighty countries, deep understanding of the Life Sciences industry and proven solutions enables us to deliver integrated solutions for compliance, sales, marketing and IT professionals to overcome these challenges."