In the life sciences industry, ensuring regulatory compliance and effectively managing risks associated with healthcare professional (HCP) engagements are crucial. Recognizing that it is impractical to audit or monitor every interaction with HCPs, compliance teams need to use a risk-based approach to prioritize and focus on activities with a higher risk of compliance issues.
Artificial intelligence (AI) ‘s rise enables automation in risk identification, auditing, and monitoring processes. Leveraging AI not only enhances compliance but also transforms monitoring data into strategic insights.
According to a KPMG report, 63% of compliance officers are expecting an increase in their technology budget. As Chief Compliance Officers (CCOs) increasingly prioritize technology and data analytics, the integration of artificial intelligence to manage life sciences compliance is set to become a cornerstone in the future of compliance management.
Why Utilize Artificial Intelligence To Manage Life Sciences Compliance?
Managing commercial compliance in the life sciences industry presents several significant challenges, including:
- Complexity and volume of data
- Evolving regulatory requirements
- High costs and resource-intensive processes
- Risk of human error
So, What Does AI Offer?
You should consider incorporating artificial intelligence to manage life sciences compliance as it offers many benefits. Here are just some to begin with:
Efficiency and Automation
AI-powered tools can automate labor-intensive compliance processes, such as data analysis, monitoring, and documentation. By replacing manual tasks with automated workflows, companies can significantly reduce the time and resources required for compliance activities, freeing up personnel to focus on more strategic initiatives.
Accuracy and Precision
AI algorithms excel at processing vast amounts of data quickly and accurately, minimizing the risk of human error inherent in manual compliance management. By leveraging machine learning techniques, AI systems can identify patterns, anomalies, and potential compliance issues more effectively than traditional methods, enhancing accuracy and precision.
Real-Time Monitoring and Detection
AI enables real-time monitoring and detection of compliance violations or deviations from regulatory standards. By continuously analyzing data from various sources, including transactions, communications, and operational activities, AI systems can promptly flag potential risks or non-compliant behavior, allowing for timely intervention and remediation.
Predictive Analytics and Risk Mitigation
AI models can assess and predict compliance risks based on historical data, industry trends, and contextual factors. By proactively identifying emerging risks and vulnerabilities, companies can implement targeted mitigation strategies to prevent compliance breaches before they occur, reducing the likelihood of regulatory penalties or reputational damage.
Scalability and Adaptability
AI solutions are inherently scalable and adaptable to evolving regulatory requirements and business needs. As regulations change and new compliance challenges emerge, AI systems can be easily updated and retrained to address these changes, ensuring ongoing compliance and regulatory alignment.
How qorAI Can Help Your Business?
qordata’s qorAI platform offers robust and innovative solutions designed to streamline compliance processes, enhance decision-making, and mitigate risks in the life sciences industry. Utilizing Machine Learning (ML), Computer Vision, and Data Sciences, qordata addresses key compliance challenges with a suite of advanced tools.
MonitorGPT
Designed for Compliance Officers and their teams, MonitorGPT uses Generative AI and ML to support informed decision-making through natural language prompts.
Key features include:
- Access to compliance knowledge, such as HCP interaction policies, meal limits, and gift bans.
- Comparison of internal policies with industry standards.
- Provision of training and commercial materials.
- Access to medical and R&D information.
- Complementary analytics to enhance decision-making.
CMS Genie
A free generative AI solution, CMS Genie analyzes CMS Open Payments data through natural language queries to provide quick insights on spending, payment trends, and specialties.
Key features include:
- Ability to query about top HCPs, top payments, nature of payments, and other CMS data.
- Data presentation in textual, tabular, and graphical formats.
- Eight complimentary dashboards built on CMS Open Payments data.
- Option to run the solution on your own data (excluded in the free version).
Expense Monitoring and Auditing Solution
Audits 100% of expense reports, including T&E and sign-in sheets, within minutes. This AI-powered expense reporting and auditing solution offers the following:
- Integration with SAP Concur for report extraction, with connectivity to other T&E systems.
- OCR and computer vision to convert expense receipts and sign-in sheets into machine-readable text.
- ML to detect anomalies in sign-in sheets such as white-outs, incompleteness, and same-person signatures.
- Built-in and configurable audit rules based on industry best practices.
Risk Based Scoring
Developed to address OIG Fraud Alerts for Speaker Programs and PhRMA Code Violations, RBS allows for effective monitoring of physicians, speaker events, and sales representatives by analyzing various engagement activities.
- Utilizes Data Science and Machine Learning
- Supports company policies and codes
- Generates a risk score for each HCP
- Covers PhRMA code, OIG Fraud Alert, and DOJ regulations
- Features AI models to monitor and update risk scores of HCPs based on customer-supplied thresholds and weightages
Conclusion
Using artificial intelligence to manage life sciences compliance is a major step forward in addressing the industry’s complicated regulations. As the life sciences sector continues to evolve, adopting AI-driven compliance tools will ensure adherence to regulatory standards and offer strategic insights that drive better decision-making and innovation. By embracing AI and machine learning, companies can achieve a more proactive and resilient compliance framework, ultimately safeguarding their operations and reputation in an increasingly complex and regulated environment.
