Lifting the veil on the Medical Device Industry
The medical device industry has found itself on the front lines of the battle for Transparency. Legislators, backed by the public’s trepidation, have mandated that all medical device organizations are to report their expenditures to health-care professionals (HCPs). The Physician Payments Sunshine Act of 2009, a piece of the overall health-care reform, aims to air out the relationship between sales representative and health care professionals. Massachusetts and Vermont are the first two states to require reporting of these metrics, and by 2013, these laws will be enforced at a federal level.
Changing Tendencies of Med Device Sales Reps
The rationale for such laws exists, as the connection between HCP purchasing tendencies and sales budgets, have become peculiarly correlated over the past decade. The US is consuming these products at an all time high, and as the government gets comfortable in the health-care realm, more regulations and policies are to follow.
Data Dilemma for Medical Device Compliance
So what does this legislation mean for the business engineers of these organizations? Medical device organizations will find themselves between a rock and a hard place, so to speak, as they have never been asked to report this data before. Many of these organizations have minimal IT resources, making it even more difficult to comply with the new regulations.
Enter the SpendValidator™, a pearl of an online application that facilitates the compliance process. This is a new way of thinking about your enterprise compliance solution. Focused on the medical device compliance data dilemma, SpendValidator™ adds value with its ability to validate and enrich HCP spend data. A two pronged proposition makes SpendValidator™ a simple decision for compliance managers:
- The solution enables data validation, both manually and automatically, that may be incorrect or inconsistent
- The agile development platform is nimble enough for mandated deadlines and changing regulations
Business Agility by Necessity
When compliance is the primary motivator for technical improvement, organizations have a need for both speed and accuracy – two attributes that rarely go hand in hand when developing software. Then again, these organizations are some of the most resourceful and resource-full entities in the United States economy.
It will be interesting to see how they prepare for, and react to, political forces lifting the veil on their spend activities.