The compliance challenges facing companies in pharmaceutical, biotechnology and medical devices industries continue to grow. Functioning in a fully compliant and ethical manner in the life sciences industry is paramount to the success or failure of an organization. However, the ever-changing policies and regulatory requirements from numerous governing bodies make for an extremely complex corporate compliance environment. Organizations need to manage the risk of non-compliance across all of their business operations while pushing the boundaries of innovation to develop cutting edge new products. Compliance failures can be expensive in terms of fines paid, costs to remedy deficiencies and the costs associated with damaging the reputation of your brand.
There is great need for an efficient, reliable process that manages, streamlines and automates compliance. Furthermore, life science organizations cannot completely adhere to all laws and regulations until the core concepts and best practices of compliance is communicated and understood throughout the organization. It’s essential that companies invest in compliance training for employees on all levels to enable them to fully understand the purpose and their role in meeting corporate compliance.
Another critical area to consider within compliance is developing talent. According to Deloitte, “Successful companies will be those that are able to sustain their compliance talent pipeline to meet the increasing demand and changing nature of compliance skills. As compliance complexity within life sciences grows, the demand for high-quality compliance resources will increase, successful companies will be those that are able to sustain and develop their talent pipeline.”
Managing compliance training and employee development in a regulated environment is a difficult task. However, companies that rely on a cloud-based learning management system (LMS) to help them address compliance are able to develop a much easier process. Quite often the LMS becomes the foundation by which companies can launch a “culture of compliance” and strategically implement compliance across the organization.
In Overcoming Life Sciences Compliance Challenges – Part 2 we’ll discuss what to look for in a life sciences LMS.
Susan Distasio | eLearning Industry Crusader | ePath Learning, Inc.
About the Author: Susan Distasio is an eLearning Industry Crusader focused on advocating for advancement and change in the eLearning and professional development industry. An avid seeker of knowledge and continuous improvement, Susan is happy to share her research, observations, and thoughts regarding “all things related to learning and development.” When she’s not out on the learning crusade, Susan can be found with the wind in her hair riding her Harley or simply enjoying life with her husband, Steve, and her Siamese cat, Elvis, and with family and friends.