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Cegedim Relationship Management Survey Reveals 93% of Pharmaceutical Executives Believe Regulatory Compliance Will Be a Major Challenge in EuropeRespondents Cite Data Identification, Consistency and Quality as Major ConcernsParis, November 17, 2010 – 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. 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.” For a full report on the survey results, please visit www.cegedim.com/eucompliance Other industry survey reports published by Cegedim Relationship Management include: Trends in Aggregate Spend and Disclosure Reporting Compliance (Feb 2010) http://crm.cegedim.com/Docs_Whitepaper/Compliance/Aggregate_Spend_Industry_Survey_Whitepaper_Feb2010.pdfThe Cegedim Dendrite Market Access Industry Report (June 2010) http://crm.cegedim.com/Docs_Whitepaper/Data/EU_Market_Access_Survey_Whitepaper_June_2010.pdf2010 Direct-To-Consumer Industry Check-Up (June 2010) http://crm.cegedim.com/Docs_Whitepaper/Marketing/DTC_Survey_Whitepaper_June_2010.pdf2010 Pharma Insights: Current Trends & Challenges of the Pharmaceutical Industry in the Americas (June 2010) http://crm.cegedim.com/Docs_Whitepaper/Industry/Pharma_Insights_Survey_Whitepaper_June_2010.pdf
Cegedim Relationship Management Survey Reveals 93% of Pharmaceutical Executives Believe Regulatory Compliance Will Be a Major Challenge in Europe
Respondents Cite Data Identification, Consistency and Quality as Major Concerns
Paris, November 17, 2010 – 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.
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.”
For a full report on the survey results, please visit www.cegedim.com/eucompliance
Other industry survey reports published by Cegedim Relationship Management include:
About Cegedim Relationship Management:
Cegedim Relationship Management is the Life Sciences industry’s leading provider of Customer Relationship Management (CRM) solutions. Designed specifically for Life Sciences and Consumer Care, the company’s innovative business solutions incorporate a thorough understanding of local, regional and worldwide trends. Cegedim Relationship Management enables more than 200,000 users in many of the world’s most innovative companies to stay ahead of market challenges. In addition to CRM, Cegedim Relationship Management also provides marketing, data optimization and regulatory compliance solutions in more than 80 countries. Cegedim Relationship Management is part of the France-based Cegedim S.A. Group.
To learn more, please visit: www.cegedim.com/rm.
About Cegedim:
Founded in 1969, Cegedim is a global technology and services company specializing in the healthcare field. Cegedim supplies services, technological tools, specialized software, data flow management services and databases. Its offerings are targeted notably at healthcare industries, life sciences companies, healthcare professionals and insurance companies. The world leader in life sciences CRM, Cegedim is also one of the leading suppliers of strategic healthcare industry data. Cegedim employs 8,600 people in more than 80 countries and generated revenue of €874 million in 2009. Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more, please visit:www.cegedim.com.
Contacts:
Drew BUSTOSCegedim Relationship ManagementGlobal CommunicationsTel.: +1 (908) 443.2451drew.bustos@cegedim.com
Aude BALLEYDIERCegedimMedia RelationsTel.: +33 (0)1 49 09 68 81aude.balleydier@cegedim.fr