Washington DC, April 28th 2017: Members of qordata’s leadership team were amongst the key participants of the 14th Annual Pharmaceutical Compliance Congress 2017, which concluded in Washington D.C. here today.
The VP Compliance at qordata, Ned Mumtaz, conducted a workshop on how to ““Enhance Skill Sets and Improve Use of Data Analytics for Global Compliance Insights.”
The workshop was an instructive primer on identifying and implementing KCIs—or Key Compliance Indicators—while remaining mindful of internal reporting requirements, business scale and the pharmaceutical industry’s shift.
“The mechanism with which KCIs can be developed need not be expensive nor too complicated. Often they start with a simple observation on a company’s spend movement, and questions arising over outliers. While this can be done using a simple spreadsheet, the use of analytics makes it quicker and easier.”
During his workshop, Mr. Mumtaz described live cases in which proactively identifying KCIs has helped shield medical drug and device manufacturers from CMPs (Civil Monetary Penalties), and the imposition of embarrassing CIAs (Corporate Integrity Agreements).
“The use of pharmaceutical reporting transcends CMS. The Sunshine Payments Act has given a sound business reason to adopt and implement sophisticated analytics solutions. However, the application of data analytics goes beyond merely reporting. They can be drivers of material contribution to a pharmaceutical company’s bottom line.”
The 14th Annual Pharmaceutical Compliance Congress commenced on 26th April 2017. Each year, it is a central event which brings together thought leadership from the world’s most prominent pharmaceutical companies, and their value chain partners. As a core contributor to the global transparency movement, qordata has been a regular participant of the event.
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About qordata: qordata is an organization providing Data Management and Business Intelligence Solutions to clients in the Life Sciences Industry. It employs Big Data, analytics and integration and MDM to facilitate clients in decision making related to Compliance and Transparency.