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The challenge of compliance
Moving from cost to value
How well does the life sciences industry understand the totality of its compliance risks? How is compliance managed and implemented? What does the future hold for the compliance functions?
The Deloitte UK Centre for Health Solutions’ latest research, The challenge of compliance in life sciences: moving from cost to value, provides a unique view of the enterprise-wide compliance functions of major life sciences companies.
The report summarizes our initial findings including:
- Life sciences companies often lack an enterprise-wide view of compliance risks
- Big Data’s role in compliance is often overlooked
- Lack of dedicated, local compliance resources presents a significant risk for global companies
- Leading companies build regulatory engagement into their innovation models
- The competitive advantages of ethics-driven cultures are being recognized
The view from Deloitte
By developing strategies to address these seven key insights, life sciences companies should be able to transform compliance activity from a cost to something that delivers value and sustainable competitive advantage for the organization.
Overall, even though the compliance challenges facing the industry are numerous, the timing could not be better for compliance functions to transform themselves from tactical enforcer to strategic advisor.