RESEARCH TRIANGLE PARK, NC--(Marketwire - April 23, 2008) - Compliance departments at
pharmaceutical companies average $1.2 million in annual budgets, according
to a new report by Cutting Edge Information. The study, "Monitoring and
Ensuring Pharmaceutical Compliance," reveals that though many budgets fall
well below the $1 million mark, compliance groups are often aided by
neighboring company departments.
As compliance departments have become more integral to their organizations,
they have enabled other departments to actively pursue self-governance and
meet regulations with greater success. Though these departments have
become more successful at self-governance, they still require the
compliance groups to keep them updated on new regulations. Departments to
which compliance groups provide training include medical affairs,
marketing, business development, sales, legal/regulatory and many others.
"Compliance groups are now taking proactive roles in their companies," says
David Richardson, senior analyst for Cutting Edge Information and lead
author of the study. "By taking a dynamic approach to training and
monitoring, the compliance team encourages compliant practices throughout
the organization."
The report explores the current state of the compliance environment. It
examines compliance groups' structures, investments and strategies.
Compiled from surveys and interviews with compliance executives at leading
companies, the report enables companies to improve their compliance
strategies and practices.
The 104-page report makes its case with 300+ metrics and numerous insights
and industry best practices for managing these three aspects of the
regulatory landscape:
-- Structure, Headcounts and Investment -- Provides up-to-date
structuring strategies, headcounts and investments of top compliance groups
-- Monitoring and Ensuring Compliance -- Details companies' strategies
regarding monitoring, training, testing, documentation, firewalls, and much
more
-- Activities and Challenges -- Examines the focus and reach of top
compliance functions as well as the impact and reactions companies have
made to recent regulations. Survey respondents also rate the challenges
facing compliance efforts forward.
Key metrics and topic areas in the new pharmaceutical report include:
-- Compliance structures
-- Compliance training and testing methods
-- Firewalls
-- Corporate Integrity Agreements
-- Standard Operating Procedures
-- Risk Assessment
-- Audits
-- Live monitoring
-- Functions trained by compliance departments
-- Benefits of documentation
-- Impact of regulations on companies' practices
To download a free, online summary of this report, visit
http://www.cuttingedgeinfo.com/pharmacompliancemanagement/PH113_Download.asp#body.
Contact Information: CONTACT INFORMATION:
David Richardson
919-433-0216