“MediSpend’s primary directive is to make our clients successful. By focusing on what our clients need and want, we stay in tune with the broader needs of the market, and can stay ahead of our competition.”

As one of the most regulated industries in the world, life sciences organizations need a well-developed technology and compliance plan to stay ahead of the game. Developing or enhancing a compliance program can be overwhelming and selecting the right partner is crucial. Making the wrong choice can lead to confusion and wasted time during the implementation of new policies, procedures and technology. With more regulations on the horizon and a watchful eye on data, compliance frameworks will only become more complex. This is where MediSpend is creating a difference within the life sciences industry. MediSpend is a pioneer in offering flexible solutions that easily pivot with these evolving demands to ensure continued adherence to regulatory requirements. As a trusted compliance partner to some of the world’s largest pharmaceutical, medical device, dental and biotech companies around the world, MediSpend provides enabling technologies to life sciences companies that empower them to grow their businesses compliantly through top-rated software and client services.

“MediSpend’s primary directive is to make clients successful. By focusing on what our clients need and want, we stay in tune with the broader needs of the market, and can stay ahead of our competition,” states Craig Hauben, CEO, MediSpend.

Bridging the Compliance Gap
MediSpend simplifies compliance with their Global Compliance Suite which represents the industry’s first purpose-built global SaaS solution to manage the end-to-end process of paid healthcare professional/organization (HCP/O) engagements through transparency reporting and also includes software that facilitates external funding requests. When considering a compliance strategy, it’s important to note that one solution and one size does not fit all problems. For example, a small biotech company and a large medical device company will likely have completely different strategies and challenges. MediSpend experts work closely with clients to tailor the optimal solutions to meet their business needs. Whether that be configuring to a client’s existing process or making recommendations on how to improve those processes, they support their clients at every stage of their compliance journey. MediSpend makes embedding their Global Compliance Suite to your broader compliance technology ecosystem a breeze so you can focus more on achieving your company goals, within budget and on time.

Life sciences companies have demanded reliability from the solutions they utilize. To meet their needs, life sciences companies require innovative, intuitive and easy-to-use technology solutions with more configuration and less customization. It’s essential that third-party SaaS solutions meet stringent data privacy and security protocols, and that the organization that is providing the solution has the subject matter expertise needed to support their complex needs. MediSpend aims to make compliance simple and reliable, giving life sciences companies one less thing to stress about.

The MediSpend Global Compliance Suite consists of a modular suite of SaaS-based solutions including Engagement Manager, Transparency Solution, Grants Manager, Study Manager and Insights. Together, these products represent a unified, end-to-end solution specifically designed to address global regulatory compliance laws across the life sciences industry.

“The MediSpend Global Compliance Suite was purpose-built with the end user in mind. It delivers a simplified user interface and has often been cited as more intuitive than competitive offerings. Modern technology developments and intuitive user interface aids in quick user adoption and continuous engagement with the platform,” adds Hauben.

Engagement Manager enables businesses to plan, engage and pay HCP/Os for activities that meet company objectives using embedded rules. It provides the entire organization with the strategic advantage of data-driven insights into these engagements that are needed to grow business compliantly.

Transparency Solution automatically aggregates, validates and reports transfers of value to comply with all global laws and codes. It offers an organization the ability to analyze all the aggregate spend data needed to make more informed business decisions while mitigating risk.

Grants Manager helps to manage internal and external funding and product requests through a secure portal ensuring seamless communication, the ability to track and report out on the workflow and a more effective and efficient process.

Study Manager is designed for non-pharmaceutical company researchers, such as individual investigators, institutions, collaborative study groups or cooperative groups to request, track and manage investigator-initiated clinical studies.

Insights is an intuitive business intelligence platform providing a 360° view of all aggregated compliance data in one centralized location, turning data into valuable commercial insights. This powerful tool allows stakeholders to build interactive self-service dashboards, create ad-hoc reports and analyze integrated data to quickly identify risk and plan HCP/O engagements more effectively.

Advisory Services is led by a team of experienced attorneys and compliance professionals to assist life sciences companies with the development and implementation of policies and procedures that facilitate compliance with global healthcare laws, regulations and codes of conduct. Areas of expertise include global transparency, HCP/O engagement and data privacy.

With a commitment to seamless business interactions, MediSpend has developed a wide array of integration capabilities. As a company supporting compliance business functions, this means having standard and ad-hoc integrations to a wide array of external systems (i.e., accounts payable, contract management, events management, CRM, etc.) as well as an even wider array of internally built MDM’s, reporting and analytics platforms. These integrations are critical for MediSpend systems to talk to the existing systems of clients, and to keep in sync with the changes in their businesses as represented in their data.

Exploring the Tech Space
Guided by Hauben’s leadership, MediSpend is spearheading a revolution in the approach to compliance in the life sciences sector. As Hauben explains, “Today, our clients love our products, they love working with our team and they view us as a key partner. We know this because they tell us in surveys, they tell us in our NPS score, and sometimes they even tell us when they leave us. The #1 reason we lose a client is because they were acquired, and they regularly tell us that they hate to leave us and would be happy to be a reference in the future. And we believe this is the perfect foundation to build and expand. We are planning on expanding geographically. While we service our clients globally and have global clients, we do see an opportunity to add a wider geographic footprint to sell to new clients and service our existing ones.”

Being a tech expert, MediSpend is exploring additional solutions for the market, whether through in-house development or by acquiring great companies with outstanding solutions. Areas that the team is currently investigating include medical affairs solutions, contract management, KOL management and events management. In all these solutions, MediSpend prioritizes integrating technology to facilitate processes, ensuring that compliance is seamlessly incorporated into their core framework.