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Understanding the true cost of transparency reporting

Many PLS companies are still struggling with outsized expenses and needless complexity when it comes to regulatory compliance.

When the regulatory hammer came down on pharmaceutical and life sciences (PLS) companies in the 2010s, it introduced new complexities for these businesses. New systems were quickly put into place to handle proliferating transparency reporting requirements and PLS companies struggled to understand the operational impact and ways to improve processes and systems to handle them. Some companies are now realizing these rushed solutions may have met regulatory deadlines, but they’re lacking. These early, stop-gap solutions may not be efficiently or effectively addressing their business and compliance requirements.

Today, we’re finding that cracks are beginning to show, and many PLS companies have begun to realize that upfront software expenses were only a small part of the true cost of transparency reporting. Let’s break down the four major areas where PLS companies find themselves spending in order to meet these significant regulatory requirements.