NEW YORK, NY (PRWEB) March 25, 2016
Aggregate spend reporting is not only a challenge in the US, but even so more abroad. This year companies do not only need to worry about reporting spend in the United States, but also in all of the 33 European Federation of Pharmaceutical Industries and Associations (EFPIA) member countries, plus Iceland and Luxembourg, as well as in other parts of the world like Japan and Australia. Polaris has been successfully generating all of the 38 unique reports that are currently required across the European continent for 35 countries, and all of these ahead of schedule.
“Being able to collect and scrub data in the European community has been a challenge for a lot of our clients. This is the first time dealing with the multitude of countries, each with slightly unique reporting requirements, and each with different data sources” states Andy Bender, Polaris’ founder. Polaris has been able to successfully implement a global reporting solution for several of its clients, dealing with collecting and scrubbing the data, and generating the reports. In addition, several clients have outsourced the reporting process to Polaris, allowing the team to obtain valuable practical insight into how to collect and prepare the data for transparency reporting. Polaris will collect and validate the data in the organization throughout the year, prepare and upload the data into its global reporting tool, and run the required reports. This turn-key solution has been of particular interest to smaller and midsize companies in the US and Europe. “The data collection process does have its challenges” states Andy Bender, “clients are looking for someone who is experienced dealing with these challenges, and work through them leveraging technology and many years of operational experience in the field.”
Specifically, in the US, Polaris takes complete ownership for the submission process, uploading files, managing data and matching validation rejections and leading clients through the final attestation process. As Andy Bender states, “our clients receive the benefit of knowing that any report generated out of our systems can actually be uploaded to Open Payments properly and that our teams have the compliance and technology insight to handle anything that CMS and Sunshine reporting throws their way.” To deal with the changing reporting requirements, Polaris has launched its Transparency Monitoring website (http://www.transparencymonitoring.com/), listing all reporting requirements for each country in the world. In addition to changes in reporting requirements in each country, the site also provides information and updates on reporting deadlines, reporting templates, meal guidelines and more. The Transparency Monitoring website is accessible to subscribers to the service.
Polaris provides best in class compliance solutions to make Pharmaceutical, Biotech, and Medical Device Companies compliant with laws and regulations globally.
The world’s largest life sciences companies rely on us to achieve their health care compliance goals, to add value to their bottom lines and to always know what’s next in compliance. With proven global expertise in providing insightful consulting, strategic business process optimization and technology solutions, Polaris is the world’s leader in innovative, end-to-end compliance services for life sciences companies. Only Polaris specializes exclusively in consulting and technology solutions for life sciences healthcare law compliance so we are uniquely positioned to assist our customers to increase efficiency, mitigate risk and improve patient safety.