Michaeline Daboul, CEO & Co-Founder and Kathleen Fallon, Director of MarketingToday, the ability to tap into and make use of insights from well-curated data is rewriting the rules of business workflows and propelling organizations toward a significant ramp-up. In the life sciences industry, CIOs rely on enterprise data to drive business value in the new age of data privacy as Michaeline Daboul, CEO and co-founder of MediSpend points out. This New Hampshire based information technology and services company identifies that transparency reporting requirements (TRR) have started to drive pharmaceutical and medical device companies worldwide to think about the best possible ways to streamline their operations pertaining to data management. In addition to that, the enterprise sphere is witnessing the enactment of several data privacy regulations such as the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA). CIOs are thus, under additional pressure to store and employ data in a secure and manageable environment. The lack of well-established federal data privacy laws in the U.S. escalates the concerns. In this context, life sciences companies face challenges in consolidating data from disparate systems and compile them on a harmonized platform for access globally.
Leveraging the expertise and longstanding experience of attorneys and IT experts, MediSpend, as an end-to-end compliance and business data analytics SaaS solutions provider, helps organizations manage large volumes of data and modernize business processes by aggregating and normalizing the data within their ecosystems. “With the dedication to provide best-in-class SaaS platforms to pharmaceutical, biotech, and medical device companies, we help our clients achieve a competitive edge in the market space,” says Daboul. She adds that MediSpend is one of the first companies to introduce the kind of SaaS/cloud-enabled application for the life sciences industry.
By working closely with CIOs, CTOs, and chief compliance officers, MediSpend enables their clients to align well with TRR. The company offers compliance monitoring, reporting, and commercial insights as the first step to leverage clients’ data for analytics. Their platform garners data from disparate systems such as Oracle, Veeva, manual spreadsheets, normalizes it and consolidates them into a cloud-based system. As such, the platform helps its customers solve the complex task of data aggregation. Realizing the necessity of analyzing data in real-time to facilitate compliance monitoring, the company integrates an embedded analytics tool into its platform. MediSpend’s scalable and robust solution-stack can accept data in any format. In addition to the platform’s capability to generate and embed insightful reports, it also enables users to visualize data with charts and graphs easily.
Catering to over 90 clients including the top 20 pharmaceutical companies and emerging enterprises in the biotech and medical devices industry, MediSpend understands that qualifying and engaging HCPs (Health Care Professionals) can be a complicated affair. It offers the MediSpend Engagement Manager, a cost-effective, easy-to-implement, and end-to-end HCP engagement and management solution. MediSpend assists pharmaceutical companies’ engagement with healthcare providers and organizations, including hospitals and universities for clinical trials, by leveraging this value-bound tech-suite to ensure compliance with state, federal, and global healthcare laws. The offering enables clients to identify, qualify, select, and monitor HCPs and organizations through an efficient and compliant workflow.
With the dedication to provide best-in-class SaaS platforms to the pharmaceutical, biotech and medical device companies, we help our clients to achieve a competitive edge in the market space
Furthermore, the solution is capable of collecting data from all stages of interactions that companies have with HCPs. On another front, MediSpend’s Aggregate Spend module helps manage payments to HCPs and generates state, federal, and global compliance reports efficaciously.
Zealous to further enhance its offerings, the company brings to the table the MediSpend Compliance Cloud, an end-to-end global compliance platform that allows pharmaceutical companies, emerging biotech and medical device manufacturers to manage HCP workflows and seamlessly aggregate enterprise data. This integrated analytics tool helps companies to manage costs, reduce risk, and drive better decisions.
MediSpend’s result-driven solutions enable it to help organizations of all sizes to meet their needs successfully. In one instance, the company partnered with a global medical device company who were looking for an integrated solution to measure, monitor, and report all their business activities as well as their engagements with HCPs. They were bound to produce reports related to the monitoring at the demand of the Department of Justice. MediSpend’s integrated platform with embedded analytics helped the client automate the entire HCP engagement workflow while its analytics dashboards enabled them to gain deep insights about the processes and garner comprehensive reports. It also provided them with real-time notifications about significant events or instances related to the workflow via timely alerts.
With several such customer success stories and novel SaaS tech-stack on-board, MediSpend establishes a firm presence in the TRR and HCP engagement space. Vehement to expand globally, it is planning to customize its solutions and sharpen the edge of its solution suite according to the evolving compliance mandates across the globe. The company’s experienced and dedicated team is on a drive to understand and address the business problems that enterprises in the life sciences sector face. “We are invigorating our solutions to make it as close to real-time as possible to evolve ourselves as the first choice of pharmaceutical and medical device companies,” concludes Daboul.