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A Global Pharmaceutical Giant Chooses MetricStream to Manage Compliance, Ethics and its Corporate In
A Global Pharmaceutical Giant Chooses MetricStream to Manage Compliance, Ethics and its Corporate In
One of the largest global pharmaceutical companies in the world has selected MetricStream to manage its Compliance, Ethics and Corporate Integrity Agreement (CIA) compliance program.
Palo Alto,
California,
India
(prbd.net)
25/10/2011
October 25, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that one of the largest global pharmaceutical companies in the world has selected MetricStream to manage its Compliance, Ethics and Corporate Integrity Agreement (CIA) compliance program. The MetricStream solution will enable the company to integrate and streamline end-to-end CIA compliance processes while facilitating accountability and transparency at every step.
Under the terms of the five-year CIA agreement with the Office of Inspector General (OIG), the company is required to implement specific compliance measures with regard to risk reviews, policy implementation, training and education, disclosures, sales force monitoring, screening of ineligible persons, independent review, auditing and reporting. These measures will help the company put controls in place to prevent off-label promotions, and ensure increased adherence to legally permissible sales and marketing practices.
Managing its Conflict of Interest program and complying with the CIA will also enable the pharmaceutical company to strengthen its commitment to ethical business conduct, enhance its ability to prevent fraud, and improve the standard of healthcare as per Medicare and Medicaid program mandates.
MetricStream provides a comprehensive solution to simplify, streamline and unify the company’s compliance and ethics program and Corporate Integrity Agreement management initiatives across the enterprise. With the MetricStream solution, the pharmaceutical giant will be able to seamlessly consolidate multiple processes including policy management, sales force risk monitoring, IRO audits, issue remediation, certifications and attestations, reporting and training on a single, centralized platform.
The solution provides rich capabilities such as workflow automation, regulatory alerts, graphical dashboards and a centralized information library to efficiently address CIA requirements, and proactively prevent incidents of noncompliance. The solution also transcends organizational silos, enabling various entities across the enterprise to collaborate closely on CIA initiatives.
Using the MetricStream solution, the pharmaceutical company will be able to streamline and accelerate policy creation, management and review; efficiently map the policies to Federal healthcare and FDA requirements; and organize them in a centralized Web-based repository with easy access and search capabilities.
The solution will also enable the company to proactively monitor and detect sales force risks through Key Risk Indicators (KRIs), with automatic notifications indicating whenever thresholds are breached.
In addition, the solution will help streamline the complete audit lifecycle to assess the effectiveness of the company’s compliance measures and controls. Issues that arise out of audit findings will be automatically routed through a systematic process of investigation, corrective action and resolution.
Powerful dashboards with drill down functionalities will help in tracking the status and results of various CIA compliance processes in real-time. In turn, flexible reporting capabilities will simplify the process of internal and external reporting by automatically generating reports such as the OIG-mandated Implementation and Annual reports.
With the MetricStream solution, the company will be able to build a sustainable Ethics and compliance management program. In the long run, the company can seamlessly extend the solution to manage its Enterprise Risk Management, Audits, Financial Compliance, FDA requirements, GXPs and drug safety standards, Quality Management, IT, Privacy and Security needs all on one Integrated GRC platform from MetricStream.
About MetricStream
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor, Constellation Energy and Cummins in diverse industries such as Healthcare, Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
Media contact:
pr@metricstream.com
About
MetricStream provides comprehensive
solutions for Governance, Risk, Compliance (GRC) and Quality Management. Apply industry best practices with easy-to-use applications on a proven platform to improve business performance.
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