In the highly regulated life sciences and biotech industry, companies are forced to comply with countless rules and regulations across all business aspects. The myriad and complexity of regulatory requirements has increased sufficiently over the last few years and is expected to grow even more in the future. Using an efficient quality management system helps companies to simplify ICH-, FDA- and ISO- compliance.
Life sciences companies face enormous challenges to respond to this increasingly complex regulatory environment.
To remain compliant, life sciences and biotech companies need to understand:
The risks of non-compliance
How compliance can be implemented
Which compliance challenges will emerge in the future
The risks of non-compliance
While life sciences and biotech companies are pushing the boundaries of innovation to develop new products that answer patients’ needs, they are struggling to meet industry regulations. The continuous tension between meeting business goals and regulatory compliance is a major challenge, especially in an industry where the risks of non-compliance are stringent.
Failing to comply can lead to high unforeseen costs such as:
- Remediation costs
- Reputational damage
Additionally, life sciences companies have a big responsibility in preserving patients’ lives. Non-compliance can pose a threat to the health and safety of patients. Companies should understand the complex regulative landscape and integrate a single, enterprise-wide view of compliance risks.
Unique challenges of life sciences compliance
- Be prepared for regulatory inspections: Regulatory controllers always come by surprise, so make sure your internal processes and documents are permanently ready to prove ICH, FDA and ISO compliance. Continuously ready models are efficient and limit compliance costs.
- Hire compliance talent: A company with an extensive compliance structure will win the war for talent with well-matched compliance skills.
- Encourage an ethical mindset: Instead of focussing on rules, companies should recognise and reward compliant behaviour. Embedding ethics and integrity in the DNA of the company proves to be a critical success factor in the life sciences and biotech industry.
- Engage the regulators in the innovation process: A good relationship with compliance regulators is important as they come up with a lot of compliance challenges. By engaging them into the innovation process, you limit the risks of non-compliance.
- Use data analytics to identify compliance risks: Most life sciences companies have access to extended historical data. By analysing this information, they can predict future compliance risks.
- Share compliance expertise: As the regulatory landscape in the life sciences industry keeps expanding, companies need more compliance resources. By sharing compliance expertise, organizations can ensure compliance standards will not be compromised.
A company that approaches compliance as a source of value instead of merely an insurance policy for risk, can use it as an important competitive advantage.
Establishing an efficient quality management system
- It easily converts any input format (Word, Excel, PowerPoint, PDF…) automatically to ICH-, FDA– and ISO-compliant quality documents in PDF-format.
- One centralized solution that provides a perfect integration with Content Management Systems (CMS) and other business systems.
- It automatically assigns the digital documents to any folder, mailbox or CMS.
- High availability and load balancing characteristics enable the processing of extremely large volumes of documents.
Contact us now via firstname.lastname@example.org so we can schedule a meeting to discuss your compliance issues.